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Australian shares close lower, weighed by energy sector; NZ down

Published 24/10/2018, 05:25 pm
© Reuters.  Australian shares close lower, weighed by energy sector; NZ down
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* Aussie shares lose for 4th session

* Energy stocks hit by falling oil prices

* Gold index gains 2.7 pct (Updates to close)

Oct 24 (Reuters) - Australian shares closed marginally lower on Wednesday as declining crude oil prices drove the energy sector lower, which offset gains in financial and healthcare stocks.

The S&P/ASX 200 index .AXJO closed 0.2 percent weaker at 5,829 points, its fourth straight session of losses. The benchmark fell 1.1 percent on Tuesday.

Oil prices plunged about 5 percent overnight as a global equities sell-off raised concerns about demand growth, while Saudi Arabia promised to increase its output. O/R

The energy index .AXEJ slipped 2.1 percent, with index heavyweight Woodside Petroleum WPL.AX declining 1.3 percent and Santos Ltd STO.AX down 2.5 percent.

Oil Search OSH.AX extended losses into a third session and had dropped as much as 5.3 percent during the day. The company reported strong quarterly results on Tuesday. and mining shares .AXMM followed suit with a 1.1 percent fall after base metal prices fell, reflecting doubts over China's plans to reinvigorate the country's slowing economy. China is Australia's top resource importer. MET/L

Mining giants BHP BHP.AX and Rio Tinto (LON:RIO) RIO.AX slumped 2.2 percent and 0.9 percent, respectively.

Outdoor equipment retailer Super Retail Group SUL.AX fell 11 percent and was the biggest decliner on the Australian benchmark after its chief executive announced his retirement. the other hand, gold stocks .AXGD gained on higher prices in the yellow metal XAU= as global political and economic uncertainties bolstered safe-haven demand for the commodity. GOL/

Newcrest Mining NCM.AX , the country's largest independent gold miner, rose 2.9 percent after it said quarterly gold production increased from a year ago. shares .AXFJ recovered after two sessions of losses, with major lenders Westpac Banking Corp WBC.AX advancing 0.7 percent and Australia and New Zealand Banking Group ANZ.AX rising 0.6 percent.

Healthcare stocks also advanced with sector heavyweights CSL Ltd CSL.AX and Ramsay Health Care RHC.AX gaining 0.5 percent and 1.8 percent, respectively.

New Zealand's benchmark S&P/NZX 50 index .NZ50 lost 0.4 percent or 30.94 points to finish the session at 8,642.24.

Consumer shares saw heavy losses after A2 Milk ATM.NZ fell 1.5 percent and Synlait Milk SML.NZ dropped 5 percent. Synlait was the biggest intraday decliner on the benchmark.

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