Australian shares ended flat on Tuesday, as banks and insurers helped lift the market to follow Wall Street higher overnight, but resource stocks underperformed as spot iron ore prices remained locked near the year's lows. The S&P/ASX 200 index was up 0.1 percent at 5,637.60 at the close of trade. The benchmark lost 0.2 percent on Monday, snapping seven consecutive sessions of gains, its longest streak since mid-July.
New Zealand's benchmark NZX 50 index gained 0.25 percent or 12.89 points to finish the session at 5,195.63. Banks supported the market, with Commonwealth Bank of Australia added 0.5 percent, Westpac Banking Corp gained 0.3 percent, and National Australia Bank rose 0.4 percent. The S&P/ASX 200 index added 8 points to 5,642.9 by 0147 GMT. The benchmark lost 0.2 percent on Monday, snapping seven consecutive sessions of gains, its longest streak since mid-July.
Benchmark spot iron ore is trading close to this year's low of $89 a tonne. Global miner Rio Tinto Ltd dipped 0.4 percent, while Australia's no.3 iron ore miner Fortescue Metals Group lost 0.7 percent. The benchmark index hit a 5-1/2 week trough of 5,425.2 on August 8 but has since jumped some 200 points to hover at six-year highs, underpinned by a robust earnings season. "The local market may experience near-term downside toward 5,600," Tim Radford, global investment manager at Rivkin Securities said in a note.