Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Australia shares drop as markets eye Fed, ECB; NZ marks 4th record close

Published 08/06/2018, 05:01 pm
Updated 08/06/2018, 05:10 pm
© Reuters.  Australia shares drop as markets eye Fed, ECB; NZ marks 4th record close

* Australian shares mark first weekly gain in four

* ASX ends session lower as investors await cenbank meetings

* NZ marks best weekly gain in nearly two years

(Updates to close)

June 8 (Reuters) - Australian shares ended lower after a thinly-traded session on Friday as investors kept to the sidelines ahead of key central bank meetings in the coming week with losses in industrial and material stocks outweighing gains in consumer and energy stocks.

The S&P/ASX 200 index .AXJO was down 0.2 percent, or 12.1 points, at 6,045.2. It advanced nearly 1 percent this week, in its first weekly gain in four.

The upcoming U.S. Federal Reserve, European Central Bank and Bank of Japan policy meetings, along with a summit between the United States and North Korea, have led markets to take a bit of risk-off, according to Mathan Somasundaram, a market portfolio strategist with Blue Ocean Equities. the Australian government softened proposed foreign interference laws to secure parliamentary support for the legislation which threatens to further strain ties with its major trading partner China. were the biggest decliners with railroad operator Aurizon Holdings Ltd AZJ.AX closing at its lowest in over two years, down 4.2 percent, and the top weight on the main board.

Mining stocks fell in line with a drop in gold, base metal and iron ore prices. Top gold miner Newcrest Mining NCM.AX slipped 1.9 percent. IRONORE/ MET/L GOL/

Financials also ended in the red as Westpac Banking WBC.AX dragged the sector with a drop of 0.3 percent.

Westpac appointed a new chief risk officer amid a financial sector inquiry that has uncovered widespread malpractices and forced the government to boost regulatory oversight. stocks gained with gambling house Tabcorp Holdings TAH.AX up 2.2 percent on news that it would sell its loss-making wagering and gaming joint venture Sun Bets. the other hand, firmer oil prices buoyed energy stocks such as Origin Energy Ltd ORG.AX , which climbed 0.9 percent to finish at its highest in more than two weeks. O/R

New Zealand's benchmark S&P/NZX 50 index .NZ50 hit its fourth straight record close, up 0.4 percent at 8,938.45, and also notched up its best week since July 2016.

Healthcare stocks accounted for most of the gains on the index.

Retirement village operator Ryman Healthcare RYM.NZ gained 1.5 percent to an all-time high close.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.