Australia shares close flat in choppy trade, Suncorp slumps

Tue May 27, 2014 2:19am EDT

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SYDNEY May 27 (Reuters) - Australian shares finished a choppy session flat on Tuesday with the broader market bolstered by a modest recovery among resource stocks, though Suncorp Group weighed on the index after a A$500 million writedown caused its shares to fall sharply.

Suncorp lost 2 percent, its biggest one-day drop since Feb. 24.

The S&P/ASX 200 index slipped 1.1 points to 5,511.7 at the close of trade. The benchmark rose 0.4 percent on Monday.

New Zealand's benchmark NZX 50 index lost 0.2 percent or 7.8 points to finish the session at 5,145.9. (Reporting by Thuy Ong; Editing by Jeremy Laurence)

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