Australian shares struggle for direction as gold stocks drag; NAB tumbles
Nov 7 (Reuters) -Australian shares traded flat on Thursday as investors digested Donald Trump's victory in the U.S. presidential election, with losses in gold stocks countering gains in energy names, while National Australia Bank tumbled on weak annual earnings.
The S&P/ASX 200 index .AXJO was flat at 8,207.9, as of 2319 GMT. The benchmark closed 0.8% higher on Wednesday.
Republican Trump won the 2024 U.S. presidential election in a stunning comeback four years after being voted out of the White House, sending equities higher across the globe..N
In Sydney, shares of National Australia Bank NAB.AX fell by 2.5% and were on track for their worst session since Sept. 25, after the lender posted an 8.1% drop in annual profit.
Shares of Sigma Healthcare SIG.AX gained as much as 38.8% to hit a record high, after the Australian competition regulator approved an A$8.8 billion merger between the pharmacy wholesaler and privately owned pharmacy giant Chemist Warehouse.
Among sub-indexes, energy .AXEJ rose as much as 1.7% after a three-session slide, even though Brent crude LCOc1 futures fell 0.49% to $75.16. O/R
Sector majors Woodside Energy WDS.AX and Santos STO.AX were up 1.4% and 1.7%, respectively.
Tracking their Wall Street peers, technology stocks .AXIJ gained 0.7%.
Gold stocks .AXGD fell 6% in their third straight session of losses and were on track for their worst day since late-September 2022. Gold prices XAU=, however, were up 0.06% at $2,661.70 per ounce. GOL/
Gold miners Northern Star Resources NST.AX and Evolution Mining EVN.AX fell as much as 7.9% and 6.7%, respectively.
Miners .AXMM inched lower 0.2% amid weak iron ore futures prices. IRONORE/
Market participants globally are now awaiting the U.S. Federal Reserve's policy decision due later in the week.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 was flat at 12,656.84.
Reporting by Sherin Sunny in Bengaluru; Editing by Subhranshu Sahu
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