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Australian shares set to snap 4-day rally; U.S. jobs data awaited

Published 05/06/2020, 11:33 am
Updated 05/06/2020, 11:36 am
© Reuters.

June 5 (Reuters) - Australian shares edged lower on Friday, dragged by healthcare and technology stocks, as the index eased out of a four-day rally over which it gained more than 4%, while investors also awaited a key U.S. jobs data expected later in the day.

Hopes of an economic rebound, amid easing of lockdown restrictions and fresh stimulus, had carried the benchmark stock index to a near three-month high.

Investors on Friday kept to the sidelines ahead of U.S. nonfarm payrolls data expected to be released at 1230 GMT, with the country's unemployment rate forecast to rocket to 19.8%, a post-World War Two record, from 14.7% in April. S&P/ASX 200 index .AXJO fell 0.3% to 5,975.4 points by 0056 GMT. The index was set to post its sixth straight week of gains. The benchmark rose 0.8% on Thursday.

Healthcare stocks .AXHJ shed 3.2% with heavyweight biotherapeutics firm CSL Ltd CSL.AX shedding 3.7%.

Technology stocks .AXIJ fell 1.9%, with shares of Appen Ltd APX.AX , down 3.9% and Altium Ltd ALU.AX losing 3.2%.

Shares of the buy-now-pay-later firm Afterpay Ltd APT.AX fell 2.4% but remained above the A$50 mark.

Gold stocks extended their fall into a fourth straight session with a 0.5% decline, led by Tribune Resources Ltd TBR.AX , down 7.4%, followed by Evolution Mining Ltd EVN.AX , losing 1.6%.

Meanwhile, financial stocks .AXFJ continued an upward march and rose 0.92%, with Bank of Queensland Ltd BOQ.AX and Janus Henderson Group PLC JHG.AX , gaining 3.3% and 3.3%, respectively.

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The sub-index is on track to post a weekly gain of more than 6%.

Across the Tasman sea, the New Zealand benchmark S&P/NZX 50 index .NZ50 fell 0.2% to 11,201.4.

The top percentage losers on the .NZ50 were Gentrack Group Ltd GTK.NZ , down 6.5%, followed by Pushpay Holdings Ltd PPH.NZ , losing 3.6%.

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