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 $Medibank Pvt Ltd (MPL.AU)$ 1.5 per cent.