AGL AGL Energy Limited

   By Robb M. Stewart 
 

MELBOURNE--Australia's equities market managed only a slight gain Wednesday as sharply weaker energy stocks following a drop in oil prices offset gains by utilities and a modest recovery by most of the big banks.

After an initial push higher, the market settled into a narrow range for most of the session before finishing up 6.5 points, or 0.1%, at 5412.4. So far this week, the index is down 0.4% after Tuesday's drop and a flat session Monday.

The utilities sector jumped 2.2%, led higher by AGL Energy Ltd. after it announced plans to buy back 5% of its own shares and lift the payout ratio for its dividend. The basket of energy stocks dropped 1.2%, after an overnight slide in crude prices amid growing investor skepticism that the Organization of the Petroleum Exporting Countries will move closer to an agreement to limit production. Shares in AGL jumped 5.8%.

Woodside Petroleum Ltd. lost 0.7%, Santos Ltd. sank 3.1% and Origin Energy Ltd. dropped 3.7%.

After declining Tuesday, Australia & New Zealand Banking Group Ltd. added 0.7%, Commonwealth Bank of Australia advanced 0.3% and National Australia Bank Ltd. edged up 0.1%. Still, Westpac Banking Corp. shed 0.1%.

Among the miners, BHP Billiton Ltd. fell 0.5%, South32 Ltd. was 0.4% lower and gold producer Newcrest Mining Ltd. was 2.7% weaker.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

September 28, 2016 02:57 ET (06:57 GMT)

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