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Aussie shares inch up; NZ ends at record high

Published 19/03/2018, 05:16 pm
© Reuters.  Aussie shares inch up; NZ ends at record high
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* Financial stocks pare earlier losses as investors move past inquiry

* Energy and real estate lead index gains

* NZ closes at record high helped by healthcare, consumer staples stocks (Updates to close)

By Devika Syamnath

March 19 (Reuters) - Australian shares recovered from early losses to end slightly higher on Monday, though trading was cautious ahead of an expected U.S. interest rate hike later in the week.

While it is widely expected that Federal Reserve will raise rates for the first time this year at its March 20-21 meeting, the key focus remains on whether policymakers forecast four rate hikes this year, instead of the three projected earlier. MKTS/GLOB

The S&P/ASX 200 index .AXJO inched up 0.2 percent, or 10 points, to 5,959.4. The benchmark ended 0.5 percent up on Friday.

Financial stocks .AXFJ pared earlier losses to end slightly lower as investors seemed to move past an ongoing inquiry into the embattled sector.

"The initial shock value is starting to wear off so its not surprising to see that the banks are holding up a bit better," said Christopher Conway at the Australian Stock Report.

Westpac Banking Corp WBC.AX ended flat after four sessions of losses while other 'Big Four' banks ended 0.1 to 0.6 percent lower.

The year-long Royal Commission heard on Monday Australia and New Zealand Banking Group Ltd ANZ.AX lent to customers without due diligence. 3 months no one will care about the Royal Commission because all the shocking revelations will have come out," added Conway.

Meanwhile, energy stocks .AXEJ ended 1.7 percent higher, buoyed by higher oil prices on Friday. However, renewed concerns of a U.S. supply glut pushed oil lower on Monday. O/R

Origin Energy Ltd ORG.AX and Woodside Petroleum Ltd WPL.AX gained 2.6 percent and 1.5 percent, respectively.

Real estate stocks also rose, with retail property manager Scentre Group SCG.AX ending 1.8 percent higher.

Materials .AXMM gained in Australia despite a slide in iron ore and base metal prices. MET/L IRONORE/

Materials stocks closed up 0.3 percent, marking their fourth straight session of gains, with index heavyweight BHP Billiton (LON:BLT) BHP.AX finishing 0.2 percent higher.

New Zealand's benchmark S&P/NZX 50 index .NZ50 reversed earlier losses to post another record close, helped by consumer staples and healthcare stocks. The index ended up 0.2 percent or 15.04 points at 8,492.12.

a2 Milk ATM.NZ was the top support to the index and closed 1.3 percent higher while Ryman Healthcare RYM.NZ finished up 0.9 percent.

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