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Australia, NZ shares end higher; global growth worries persist

Published 22/11/2018, 05:13 pm
© Reuters.  Australia, NZ shares end higher; global growth worries persist
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* Financials and miners boost benchmark

* Healthcare stocks close at over 1 week high

* Lithium miner Mineral Resources top gainer after JV offer

* NZ benchmark snaps seven straight sessions of losses (Updates to close)

Nov 22 (Reuters) - Australian shares closed higher on Thursday as oil prices recovered overnight and the U.S. S&P 500 bounced from the previous session's steep sell-off, although global growth worries lurked in the background.

Broader Asian shares ticked up after the S&P 500 inched higher on gains in energy and technology sectors, though worries over corporate earnings growth reaching a peak and the Sino-U.S. trade war kept investors on edge. MKTS/GLOB

The S&P/ASX 200 index .AXJO snapped four straight losing sessions to rise by 0.86 percent or 48.50 points to 5,691.30 at the close of trade. The benchmark fell 0.5 percent on Wednesday.

Miners .AXMM climbed 0.7 percent to recover some of the previous session's steep losses after iron ore prices DCIOcv1 gained over 2 percent. IRONORE/

Global miner BHP BHP.AX firmed 0.6 percent, while Fortescue Metals Group Ltd FMG.AX rose 1 percent.

Lithium miner Mineral Resources MIN.AX was the top gainer on the benchmark, surging 26.6 percent after Albemarle Corp ALB.N , the world's top lithium producer, agreed to pay $1.15 billion to form a lithium joint venture with the company. stocks .AXFJ also underpinned the gains, with top lender Commonwealth Bank of Australia CBA.AX up 0.8 percent and National Australia Bank Ltd NAB.AX putting on 0.9 percent.

Healthcare stocks .AXHJ rose 2.7 percent to their highest in more than a week. Sector heavyweight CSL Ltd CSL.AX rose 3.4 percent, while Cochlear Ltd COH.AX was up 2.9 percent.

Energy stocks .AXEJ tacked on 0.9 percent, recovering from a battering in the previous session as investors took heart from an overnight recovery in oil prices. O/R

Oil prices rose on Wednesday after U.S. government data showed robust demand for refined fuel, however sentiment was tempered by concerns over rising global crude supply.

New Zealand's benchmark S&P/NZX 50 index .NZ50 broke seven consecutive sessions of losses to rise 0.36 percent or 30.76 points to finish the session at 8,703.16.

Dairy firm a2 Milk Company Ltd ATM.NZ jumped 5 percent while Synlait Milk SML.NZ rose 3.5 percent.

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