Australian stocks ended Monday’s session with small losses, after struggling for direction in a day when most other major Asian stock markets were closed for holidays.
In Australia, the S&P/ASX 200 slipped 11.79 points, or 0.2%, to 4,959.06
In New Zealand, the NZX 50 index dropped 5.22 points, or 0.1%, to 4,220.50
Markets in Hong Kong, mainland China, Taiwan, Singapore, and South Korea were all closed Monday for the Lunar New Year, while Japan was shut for National Foundation Day.
Australian shares had also advanced Friday, with the move cementing four straight weeks of gains for the benchmark index. The advance took the index back to a closing level it hadn’t seen since April 2010.
Major Australian companies reporting this week included Commonwealth Bank of Australia, which rose 0.5% on Monday; Rio Tinto Ltd., which closed down 0.2%; and blood-products group CSL Ltd. which lost 0.8%.
In earnings reports out Monday, games and entertainment retailer JB Hi-Fi Ltd. reported an increase in first-half profit of 3% to 82.1 million Australian dollars ($84.7 million U.S.) and forecast a 7% rise in fiscal-year profit.
JB Hi-Fi shares soared 17.1% following the results, and the positive sentiment spread through the sector, with Harvey Norman Holdings Ltd. up 5.9%, Myer Holding Ltd. higher by 3.1%, and David Jones Ltd. advancing 2.7%.
Mining companies were among the worst performers Monday, with BHP Billiton Ltd. down 0.6%, and Alumina Ltd. closing 0.4% lower.
Investors have been lukewarm towards miners for some time, with Rio Tinto down 0.8% over the past 12 months, while Alumina has fallen 5%. BHP Billiton has gained 3.9% during the same period, but that advance still lagged the S&P/ASX 200, which has risen more than 17%.
