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Australia shares slip on tech, healthcare losses

Published 22/02/2021, 05:05 pm
© Reuters.

* Healthcare stocks fall as Aussie dollar firms

* Miners benefit from soaring copper prices

* Gold stocks up as bullion prices climb (Updates to close)

Feb 22 (Reuters) - Australian shares closed slightly lower on Monday as losses in healthcare and tech stocks outweighed gains in miners, while Macquarie Group jumped after raising its profit guidance.

The S&P/ASX 200 index .AXJO closed 0.19% lower at 6,780.9, extending a slide from last week, as investors waited for the likes of Oil Search OSH.AX , WoolworthsGroup WOW.AX , Qantas Airways QAN.AX and Lynas Rare Earths LYC.AX to report their earnings results later this week.

Shares of exports-reliant healthcare companies .AXHJ fell 2.2% as the Australian dollar hit its highest since early 2018 against the U.S. dollar. AUD/

A stronger local currency hits earnings of companies earning in U.S. dollars.

Heavyweight drug developer CSL Ltd CSL.AX and medical device maker Resmed Inc RMD.AX lost 2.4% and 2.2%, respectively.

Tech stocks .AXIJ fell 1.7%, with telecom co Telstra Corp TLS.AX and real estate website operator REA Group REA.AX declining 1.5% and 2%, respectively.

Mining stocks .AXMM rose 3.3% as copper prices soared to levels unseen in nearly a decade on demand optimism and a weaker U.S. dollar. MET/L

BHP Group BHP.AX and Rio Tinto (LON:RIO) RIO.AX advanced 3.3% and 3.6%, respectively, while OZ Minerals OZL.AX jumped 7%.

Gold stocks .AXGD soared 2% as bullion prices rose on a weaker greenback. GOL/

Gold explorers De Grey Mining DEG.AX and Emerald Resources EMR.AX jumped 10.1% and 8.2%, respectively.

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Macquarie Group Ltd MQG.AX rose 3.4% after the company said it expected its full-year profit to jump due to demand for heating caused by extreme weather in North America. Zealand's benchmark S&P/NZX 50 index .NZ50 fell 1% to 12,426.2, weighed down by losses in healthcare and utility stocks.

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