Australia shares flat, held back by energy sector

(Adds analysis, quotes, stocks on the move)

By Gyles Beckford and Ian Chua

SYDNEY/WELLINGTON, Nov 27 (Reuters) - Australian shares hovered at one-week highs on Thursday thanks to gains in the major banks, but losses in the energy and mining sectors kept a lid on the overall market.

The S&P/ASX 200 index was a mere 0.13 percent higher at 5,403.4 by 0239 GMT, having rallied 1.2 percent in the previous session. The major banks did most of the heavy lifting with National Australia Bank up 1.3 percent at A$32.88.

Energy stocks were on the defensive ahead of an OPEC meeting on whether to cut production to stem a slide in oil prices. A Gulf OPEC delegate told Reuters that a consensus not to cut oil output has been reached.

"You're seeing a little bit of caution ahead of tonight's OPEC meeting. You don't want to be coming in and seeing your stocks down 2 percent. People are acting first and asking questions later," said Chris Weston, an analyst at IG (LSE: IGG.L - news) .

Oil and gas producers such as Santos and Woodside Petroleum fell 2.9 percent and 2.0 percent respectively to A$11.63 and A$38.77.

Investors also gave mining shares a wide berth amid worries about global demand for commodities such as iron ore. BHP Billiton fell 1.1 percent to A$32.19, while Rio Tinto (Xetra: 855018 - news) shed 0.4 percent to A$58.17.

New Zealand's benchmark NZX50 index was down 0.1 percent at 5,452.68, holding just above a two-week low seen earlier in the week.

Leading stocks were mostly softer, but part-privatised national carrier Air New Zealand rose 4.5 percent to a seven-year high of NZ$2.32 after it said on Wednesday that second half earnings might get a solid boost from lower fuel prices.

The market's biggest stock by capitalisation, Fletcher Building, was down 0.7 percent at NZ$8.14, having earlier plumbed a 17-month low of NZ$8.08.