Australian shares edge lower as bank, mining losses outweigh Origin-led utility gains

Business Recorder reported that Australian shares slipped on Thursday, with heavyweight bank and mining stocks pulling the S&P/ASX 200 down 0.3% to 9,181.60 by 0040 GMT. Utilities provided some support, rising 3.2% after Origin Energy posted a full-year underlying profit slightly above analyst expectations. The index had already closed 0.5% lower on Wednesday.

Insurance Australia Group fell 5.4% after its full-year cash earnings declined, weighed down by reduced investment income and higher claims linked to bad weather. ANZ Group, however, gained 2.9% after the lender recorded a marginally higher annual profit, softening losses among financials. Commonwealth Bank of Australia slipped 2%, while Westpac and National Australia Bank rose 0.8% and 1% respectively.

Bourse operator ASX jumped as much as 9.9%, its strongest session since mid-March 2020, after reporting annual underlying profit up more than 5% amid greater volatility in global markets. Cleanaway Waste Management climbed 16.9%, a gain that marked its strongest day in 15 years, after it said it would give EQT Infrastructure exclusive due diligence following an A$9.4 billion takeover offer. Treasury Wine Estates moved in both directions after it booked an annual loss due to big write-downs tied to its American operations.