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Australia shares rebound on tech, healthcare gains; NZ up

Published 14/11/2019, 04:57 pm
© Reuters.  Australia shares rebound on tech, healthcare gains; NZ up
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* Nearmap, CSL prop up benchmark

* Gold stocks gain on safe-haven buying

* Financials dragged lower by NAB trading ex-dividend (Updates to close)

By Nikhil Subba

Nov 14 (Reuters) - Technology and healthcare firms helped the Australian benchmark advance on Thursday, though gains were capped on rising doubts that Washington and Beijing can reach a trade deal soon.

The S&P/ASX 200 index .AXJO inched 0.4% higher to 6,723.10 at the close of trade, recouping losses from the previous session where the index fell 0.8%.

A Wall Street Journal report suggesting that U.S.-China trade negotiations have 'hit a snag' over farm purchases unnerved markets on Wednesday and raised concerns a "phase one" trade deal between the economic powers could be delayed. sentiment continues to linger seemingly on the lack of good news on trade talks with China. At this stage, even date and a location for the trade deal would be a good thing," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note to clients.

Australian healthcare stocks .AXHJ , seen as defensive plays, ended the session about 1% higher, with heavyweights CSL Ltd CSL.AX and Cochlear Ltd COH.AX advancing about 1% each.

Technology stocks .AXIJ firmed 1.6% to end at a more than two-month high, invigorated by strong gains among certain major stocks.

Afterpay Touch Group APT.AX soared 7.5%, extending its gains after announcing a A$200 million ($137.10 million)subscription by U.S. based Coatue Management LLC and a 110% rise in global underlying sales for four months ended Oct. 31. tech sub-sector also received a boost from Nearmap Ltd's NEA.AX 14% rise, following an upbeat outlook for 2020.

Mining stocks .AXMM erased earlier losses to finish the session 0.4% higher, helped largely by gold miners.

Gold stocks .AXGD rose 1.6% as bullion prices increased on safe haven buying, following Sino-U.S. trade uncertainty and weak industrial output numbers from China earlier in the day. GOL/

China's industrial production rose 4.7% year-on-year in October, data from the statistics bureau showed, below the median forecast of 5.4% growth in a Reuters poll. the trend, financial stocks AXFJ shed 0.05% with lender National Australia Bank NAB.AX contributing most of the losses with a 3.3% fall as the stock traded ex-dividend.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.6% or 63.82 points higher to end the session at 10,899.25.

Shares of Mainfreight MFT.NZ and Port of Taurang POT.NZ each ended around 3% higher, both being top gainers on the New Zealand benchmark index.

($1 = 1.4588 Australian dollars)

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