Australian shares ended little changed on Thursday, shedding most of the gains recorded earlier in the session, as strength in financials, healthcare and consumer stocks was offset by declines in the telecom sector. The S&P/ASX 200 index inched up 0.05 percent, or 2.86 points, to 5,878.3 at the close of trade. Consumer non-cylicals was the best-performing sector, led by Graincorp Ltd which jumped 8.3 percent to hit a near-two-year closing high.

Australia's largest listed grain handler said its half-year underlying profit more than tripled as a record wheat crop underpinned revenue growth. The telecom sector was the biggest drag on the index, led by declines in Telstra Corp, which fell 1.4 percent after its retail partner Vita Group said it will suspend plans to expand the number of stores in its retail network. Shares of Vita Group fell more than 30 percent to end at a more-than-two-year low. New Zealand's benchmark S&P/NZX 50 index ended 0.9 percent, or 65.51 points, firmer at an eight-month high of 7,489.71.

Copyright Reuters, 2017