Australia Market ends flat

At closing bell, the benchmark S&P/ASX200 index was up 3.76 points, or 0.05%, to 7,255.36. The broader All Ordinaries index inclined 3.88 points, or 0.05%, to 7,460.02.

The top performing stocks in S&P/ASX200 index were SOUTH32 and NICKEL INDUSTRIES, up 5.15% and 5.08% respectively. The bottom performing stocks in S&P/ASX200 index were LYNAS RARE EARTH and PINNACLE INVESTMENT, down 6.81% and 6.33% respectively.

Shares of materials and energy sectors advanced strongly, led by South32 (up 5.2%) and mining heavyweights Rio Tinto (up 4%), BHP (up 4%) and Fortescue (up 4.3%). Woodside (up 2.2%) and coal miner Whitehaven (up 4.2%) bolstered the index, as the energy sector more broadly climbed 1.4%.

Financials were major drag, as major banks including ANZ (down 2.7%) and Commonwealth Bank (down 2%) dropped.

Consumer staples (down 1.3%) also flailed, as supermarket giant Coles shed 1.2%.

ECONOMIC NEWS: Australia Building Approvals Decline 27.6% In January--The total number of buildings approved in Australia was down a seasonally adjusted 27.6% on month in January, the Australian Bureau of Statistics said on Thursday - coming in at 12,065. Permits for private sector houses fell 13.8% on month to 7,560, while permits for private sector dwellings excluding houses plummeted 40.8% to 4,340. On a yearly basis, permits for overall buildings shed 8.4%, while permits for houses sank 12% and permits for other than houses eased 0.3%. The seasonally adjusted estimate for the value of total building approved fell 18.6% in January, following a 1% rise in December.

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