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Australia shares slip, pressured by tech, healthcare stocks; NZ falls

Published 10/09/2019, 04:45 pm
Updated 10/09/2019, 04:50 pm
© Reuters.  Australia shares slip, pressured by tech, healthcare stocks; NZ falls
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* WiseTech Global biggest drag on benchmark

* Gold stocks fall for 4th straight session

* Oil prices at six-week high, energy stocks gain

(Updates to close)

By Nikhil Subba

Sept 10 (Reuters) - Australian shares declined on Tuesday, as gains in the energy sector were overshadowed by falls by technology and healthcare stocks, as well for gold miners.

The S&P/ASX 200 index .AXJO slipped 0.5% to 6,614.10 at the close. The benchmark inched 0.01% higher on Monday.

Overnight, Wall Street was also pressured by U.S. tech and healthcare stocks, leading it to close largely flat. Australian tech index .AXIJ was 3.4% lower at the close.

The biggest drag on the Australian benchmark, logistics software maker WiseTech Global WTC.AX , ended the session over 7% lower, hitting a 1-1/2 week low

Australian tech stocks "have seen valuations recently that are uncommon in most other sectors. Investors may be taking some money off the table after the strong performances of some of the highest flying tech stocks", said Marc Kennis, principal of Pitt Street Research.

Gold stocks .AXGD plunged over 4%, the index's fourth straight losing session, as bolstered appetites for riskier assets dropped the precious metal's prices to a four-week low. broader mining index .AXMM shed nearly 1% on a second consecutive down day.

Australian graphite miner Syrah Resources Ltd SYR.AX said it would reduce production in October-December to about 5,000 tonnes per month, sending its shares down as much as 41.1% to its lowest level since February 2012.

Oil and gas heavyweights Santos Ltd STO.AX and Oil Search OSH.AX both rose more than 3%, lifting the energy index .AXEJ up 2.4% in the sector's best session since June 21.

Energy stocks benefitted from higher oil prices, which rose to a six week high, amid optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices. financial index .AXFJ ended 0.2% higher, buoyed by Westpac Banking Corp WBC.AX , up nearly 1%, and National Australia Bank NAB.AX , which climbed 1.6%.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 dropped 0.5% to finish at 11,142.58.

Air New Zealand AIR.NZ closed 3.5% down, at its lowest level since Aug. 22, while A2 Milk ATM.NZ slipped about 2%.

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