AU Evening Wrap: Australian Shares Edge Higher as Financials Gain

Australia's $S&P/ASX 200(.XJO.AU)$ closed 0.1% higher at 7652.8 as strength in financial stocks helped offset weakness in commodities. The benchmark index faded after a bright start and spent the afternoon bouncing between narrow gains and losses. Energy was the worst performing of the ASX 200's 11 sectors, losing 2.1% as shares of oil and coal companies lost ground.

Banks $National Australia Bank Ltd(NAB.AU)$, $ANZ Group Holdings Ltd(ANZ.AU)$, $Westpac Banking Corp(WBC.AU)$ and $CommBank(CBA.AU)$ added between 0.1% and 0.95%. Insurer $Suncorp Group Ltd(SUN.AU)$ rose 3.5% as investment returns carried it to better-than-expected H1 results.

Iron-ore miners $Fortescue Ltd(FMG.AU)$, $BHP Group Ltd(BHP.AU)$ and $Rio Tinto Ltd(RIO.AU)$ gave up between 1.3% and 1.5%, pulling the materials sector down 0.4%.

$TPG Telecom Ltd(TPG.AU)$ shed 8.0% after posting its annual results and 2024 guidance.