Australian shares retreat as miners, banks drag; CBA down on lower profit

Australian shares snapped a five-session rally on Thursday, pulled down by miners, banks and healthcare stocks, while top lender Commonwealth Bank of Australia (CBA) lost ground after reporting a lower quarterly profit.

The S&P/ASX 200 index XJO fell 0.5% to 7,768.400 by 0029 GMT, with the resources-heavy bourse also tracking Wall Street's overnight losses. The Australian benchmark index had closed 0.1% higher on Wednesday.

Financials XFJ fell 1%, with Westpac WBC down 4.5% on trading ex-dividend. Commonwealth Bank of Australia CBA slipped 0.8% after reporting a drop in its third-quarter profit.

Mining stocks XXMM shed 0.4% after iron ore prices fell on Wednesday amid increasing inventories. BHP Group BHP fell 0.3%, while Rio Tinto RIO lost 0.3%.

Healthcare stocks XHJ slumped 1.2%, with biotech giant CSL CSL down 1.2%.

Real estate stocks (.AXRE) lost 0.3%, while gold stocks XGD fell 0.8% as traders looked for more clues on the U.S. rate-cut timeline.

Meanwhile, energy stocks XEJ rose 0.5% as global oil prices steadied aided by a fall in U.S. crude inventories. Oil and gas giant Woodside Energy WDS rose 0.7%.

New Zealand's benchmark S&P/NZX 50 index NZ50G fell 0.2% to 11,751.02, with market participants keenly awaiting the Reserve Bank of New Zealand's cash rate decision due on May 22.

In company news, Fonterra Co-operative Group FCG, the world's biggest dairy exporter, announced the appointment of its new finance chief.