Australian shares ended lower for a third straight day on Monday, hurt by losses in energy and materials, as a jump in fourth quarter company earnings failed to uplift sentiment. Investors were on a wait-and-watch mode ahead of US President Donald Trump's Tuesday speech, his first major policy address to Congress. His address is expected to include some details of his infrastructure spending and tax plans.
The S&P/ASX 200 index closed down 0.3 percent, or 14.79 points, to 5,724.2. The benchmark shed 0.8 percent in the previous session. Company gross operating profits for the fourth quarter rose 67.9 percent compared with the previous quarter, the bureau of statistics said on Monday, far surpassing analysts' expectations in a Reuters poll for an 8 percent increase.
But the data was not enough to lift the index into positive territory. Losses were centred in basic materials and financial stocks. Shares of three of the 'Big Four' banks edged lower by less than 1 percent, while National Australia Bank Ltd nudged up 0.3 percent. Basic materials remained under pressure with mining giants Rio Tinto Ltd and BHP Billiton Ltd down 0.6 percent and 0.3 percent, respectively. New Zealand's benchmark S&P/NZX 50 index was 0.3 percent, or 20.6 points, higher at 7,079.18.