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Australian shares end at record high as Middle East conflict cools

Published 09/01/2020, 05:48 pm
Updated 09/01/2020, 05:49 pm
© Reuters.  Australian shares end at record high as Middle East conflict cools
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* Healthcare stocks end at all-time high

* BHP gains for sixth straight session

* Suncorp estimates up to A$345 mln in bushfire claims cost (Updates to close)

Jan 9 (Reuters) - Australian shares closed at a record high on Thursday, as worries of a larger Middle East conflict eased following remarks from the United States and Iran.

The S&P/ASX 200 index .AXJO ended 0.8% or 56.6 points higher at 6,874.20.

President Donald Trump said on Wednesday the United States did not have to respond militarily to Iran's attack, while Iranian Foreign Minister Mohammad Javad Zarif said its strikes "concluded" Tehran's retaliation. in the Middle East heightened last week after a U.S. drone strike killed Iranian top military commander. stocks .AXHJ , that have a significant exposure to U.S. markets, ended at a record high.

Drugmaker CSL Ltd CSL.AX , the fourth-largest stock on the index, climbed 1.8% and local shares of California-based Resmed Inc RMD.AX gained 1.5%.

Mining giant BHP Group BHP.AX extended gains into a sixth straight session with a 1.2% rise, while rival Rio Tinto (LON:RIO) RIO.AX added 1.3%.

Iron ore prices slipped on Thursday but had surged to a five-month closing highs in the prior session amid hopes of strong restocking demand in Chinese mills ahead of holidays. IRONORE/

The heavyweight financial index .AXFJ was lifted by top lender Commonwealth Bank of Australia CBA.AX , up 0.7%.

Insurer Suncorp Group SUN.AX said it received 2,600 bushfire-related claims since September, estimating costs of up to A$345 million ($237.15 million). The company's shares closed 1.3% higher as it is largely covered by their reinsurance programme. stocks .AXGD retreated as abating Middle East tensions dampened demand for the safe-haven bullion. Top gold miner Newcrest Mining NCM.AX fell 2.5%, while Northern Star Resources NST.AX lost 3.2%.

Energy stocks .AXEJ snapped a five-session gaining streak after crude prices slipped over 4% on Wednesday. O/R

Elsewhere, New Zealand's benchmark S&P/NZX 50 index .NZ50 slipped 0.2% or 19.3 points to 11,537.68.

Utilities firm Meridian Energy MEL.NZ fell 3.9%, while Ryman Healthcare RYM.NZ lost 2.6%. ($1 = 1.4548 Australian dollars)

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