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Australian shares struggle to advance; NZ rises

Published 13/07/2018, 04:55 pm
Updated 13/07/2018, 05:00 pm
© Reuters.  Australian shares struggle to advance; NZ rises

* Health care index hits a record high

* Financials thwart a gain for the benchmark

* NZ gains on utilities, consumer discretionary stocks (Updates to close)

July 13 (Reuters) - Australian shares barely moved on Friday, as strong gains in health care stocks were countered by weakness in banks.

The S&P/ASX 200 index .AXJO inched up 0.10 points to 6,268.4 at the close of trade. The benchmark jumped 0.9 percent on Thursday.

The index of health care stocks .AXHJ jumped 1.5 percent to a record high. The defensive sector has significant exports to the U.S., and benefits from weakness in the local currency.

Index heavyweight CSL Ltd CSL.AX climbed 2 percent to its highest ever and was the biggest boost to the benchmark.

Bionic-ear maker Cochlear Ltd COH.AX rose 3.2 percent and also closed at a record high, while Australia-listed shares of Resmed Inc RMD.AX firmed 0.8 percent.

But financials stocks fell, countering market gains from health care shares.

Commonwealth Bank of Australia CBA.AX , the biggest lender, slipped 0.5 percent and was the biggest drag. Australia and New Zealand Banking Group Ltd ANZ.AX dropped 0.7 percent.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 climbed 0.4 percent or 38.72 points to finish the session at 9,024.19. The benchmark had a weekly loss of 0.7 percent, its biggest since April.

Utilities and consumer discretionary stocks led the upward charge on Friday, with Infratil Ltd IFT.NZ jumping 2 percent on Friday. Skycity Entertainment Group Ltd SKC.NZ rose 1.5 percent.

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