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Australian shares set to snap 6-day rally ahead of Fed decision

Published 10/06/2020, 11:19 am
Updated 10/06/2020, 11:24 am
© Reuters.

© Reuters.

* CBA hit with insurance class action, shares drop

* Aussie gold index jumps 2.8%

* NZ shares on course for a second day of declines

By Pranav A K

June 10 (Reuters) - Australian shares slipped on Wednesday after six sessions of gains, with financials and energy stocks leading the declines, as investors adopted a more cautious stance ahead of a U.S. Federal Reserve policy decision later in the day.

The S&P/ASX 200 index .AXJO edged down 0.4%, or 24.8 points, to 6,120.1 by 0038 GMT. The benchmark climbed 2.4% on Tuesday to its highest close in more than three months.

Asian equities slipped on Wednesday after most U.S. stocks pared gains made during their recent rally, although the Nasdaq benchmark reached its second straight day at a record high as oil prices rose. losses on the benchmark, energy stocks .AXEJ fell 2.3% after Brent crude LCOc1 futures retreated 1.8%.

Shares of Worley Ltd WOR.AX were down 4.22%, while Cooper Energy Ltd COE.AX gave up 2.81%.

Financial stocks .AXFJ dropped 1.5% after closing at a three-month high in the previous session. Index heavyweight Commonwealth Bank of Australia CBA.AX fell 1.1% after the top lender was hit with an insurance class action. gold stocks .AXGD jumped 2.8% on firm bullion prices. The sub-index was led by Bellevue Gold Ltd BGL.AX , up 10.63%, followed by Saracen Mineral Holdings Ltd SAR.AX that gained 7.08​%.

Meanwhile, Harvey Norman Holdings HVN.AX advanced 3.4% after the electronics retailer said it would pay a special dividend as sales to date at its domestic franchisees surged in the second half. stocks .IXIJ rose 1.4%, tracking U.S. peers after the Nasdaq index ended at an all-time high for a second straight day on the back of strong gains in tech-related shares.

In neighbouring New Zealand, the benchmark S&P/NZX 50 index .NZ50 dipped 0.3% to 11,267.2, on course for its second straight session in the red.

The top percentage loser in the benchmark .NZ50 was Tourism Holdings Ltd THL.NZ , down 7.92%, while Fletcher Building FBU.NZ shed 2.7% after the country's largest construction firm said it may not consider a dividend.

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