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Australian shares slip, weighed by materials, energy firms; NZ rises on a2 Milk

Published 25/05/2018, 04:47 pm
Updated 25/05/2018, 04:50 pm
© Reuters.  Australian shares slip, weighed by materials, energy firms; NZ rises on a2 Milk

* Aussie shares post biggest weekly decline since March

* Materials and energy stocks biggest drags

* a2 Milk rally drives NZ higher

(Updates to close)

May 25 (Reuters) - Australian shares edged down on Friday, as declines in materials and energy stocks on lower commodities and oil prices outweighed gains in consumer staples and consumer discretionary stocks.

The S&P/ASX 200 index .AXJO slipped 0.1 percent or 4.3 points to 6,032.8 at the close of trade. The benchmark rose 0.1 percent on Thursday and fell 0.9 percent for the week, its biggest decline since March.

Materials accounted for most of the losses, with global miner BHP BHP.AX slipping 2.5 percent, its biggest in more than two-months, while rival Rio Tinto (LON:RIO) Ltd RIO.AX fell 0.9 percent.

BHP, which owns shale assets in the U.S., was also hurt by a fall in oil prices, making it the biggest drag on the main index.

Oil prices eased on Friday putting energy stocks under the cosh. Woodside Petroleum Ltd WPL.AX declined 2.2 to a more than two-week low, while Origin Energy Ltd ORG.AX slipped 0.9 percent to its lowest since May 15.

Elsewhere, consumer staples led the gainers, with conglomerate Wesfarmers Ltd WES.AX rising 0.9 percent to its highest since Feb. 2015, while Treasury Wine Estates Ltd TWE.AX jumped 3.7 percent.

Consumer discretionary stocks also accumulated profits, with Aristocrat Leisure Ltd ALL.AX surging 4.3 percent to its highest ever level.

Meanwhile, New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.6 percent or 47.63 points to finish the session at 8,638.40 and registered a weekly decline of 0.2 percent.

Consumer staples led the gains, with dairy firm a2 Milk Company Ltd ATM.NZ rising 2.6 percent, boosting the main index, while Synlait Milk Ltd climbed 2.2 percent, its biggest one day gain in more than one-week.

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