AU Evening Wrap: Stocks Flat as Bank Losses Balance Mining Gains

$S&P/ASX 200(.XJO.AU)$ was up 0.05 per cent to 7255.4 at the close.

China-facing miners were boosted by improved commodity prices. $South32 Ltd(S32.AU)$ gained 5.15 per cent. $Rio Tinto Ltd(RIO.AU)$ added 4.02 per cent, $Fortescue Ltd(FMG.AU)$ 4.25 per cent and BHP 3.96 per cent. $Nickel Industries Ltd(NIC.AU)$ firmed 5.08 per cent

A third straight rise in gold lifted $Newcrest Mining Ltd(NCM.AU)$ 2.22 per cent. $Sandfire Resources Ltd(SFR.AU)$ added 4.29 per cent, $Evolution Mining Ltd(EVN.AU)$ 3.89 per cent and $Capricorn Metals Ltd(CMM.AU)$ 3.87 per cent.

$Karoon Energy Ltd(KAR.AU)$ slumped 3.57 per cent after the Brazilian government slapped a temporary levy on oil exports. The Australian firm expects to take a hit of US$22-US$35 million from the 9.2 per cent tax across the four months it is scheduled to run.

Dividend payments were a major drag on the index. $Pinnacle Investment Management Group Ltd(PNI.AU)$ sank 6.33 per cent, $Coles Group Ltd(COL.AU)$ 3.17 per cent, $Woolworths Group Ltd(WOW.AU)$ 1.41 per cent, $NIB Holdings Ltd(NHF.AU)$ 1.45 per cent and $Medibank Private Ltd(MPL.AU)$ 1.5 per cent.