SYDNEY - Australian shares were flat today, with mall owner Westfield Group rising ahead of earnings while top childcare operator A.B.C. Learning Centres Ltd. fell on concerns about its US growth strategy.
The benchmark S&P/ASX 200 index added 0.6 points to 5,024.2, based on the latest available data, after falling0.6 per cent last week.
A.B.C. shares had their biggest single-day percentage fall in more than two months.
"Everything seems to be in place for them to achieve, if not overachieve, their guidance. But I guess there may be just a bit of a question mark over their execution of that strategy," said Paul Xiradis, Chief Executive of fund manager Ausbil Dexia, the biggest institutional shareholder in A.B.C.
The benchmark NZX-50 Index fell 13.8 points, or 0.4 per cent, to 3,470.6. The top stock, Telecom Corp. of New Zealand Ltd., fell NZ$0.22, or 5.2 per cent, to NZ$3.99 on turning ex-dividend.
STOCKS TO WATCH
* A.B.C. Learning fell 4.3 per cent to A$6.40 despite reporting an 86 per cent rise in annual profit as some investors were unsure about the company's ability to maintain its growth rate.
* Westfield, the world's most valuable shopping mall owner by market value, rose 2.1 per cent to A$18.45 ahead of Tuesday's earnings, with analysts forecasting profit from operations of around A$842 million.
* Ramsay Health Care Ltd., Australia's biggest private hospital operator, fell 6.2 per cent to A$9.10 despite nearly tripling its annual profit, as it flagged slower earnings growth this year. The stock logged its biggest single-day percentage fall in nearly five years.
* Alchemia Ltd. tumbled 30.7 per cent to A$0.575 after US-based Abraxis Pharmaceutical Products said it was uncertain about of the future of a commercial partnership with Alchemia.
* Commander Communications Ltd. jumped 9.9 per cent to A$1.99 on forecasting an up to 68 per cent rise in underlying earnings before interest, tax, depreciation and amortisation in the current fiscal year.
* Automotive parts retailer Repco Corp. Ltd. shed 6 per cent to A$1.10 on reporting a 43 per cent slide in annual net profit as a surge in petrol prices and higher interest rates led to weaker sales.
