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Consumer, energy stocks lift Australian shares; NZ falls

Published 11/12/2019, 12:52 pm
Updated 11/12/2019, 12:56 pm
© Reuters.  Consumer, energy stocks lift Australian shares; NZ falls

© Reuters. Consumer, energy stocks lift Australian shares; NZ falls

* Webjet surges 11% on denying acquisition reports

* Westpac up 0.7% ahead of AGM on Thursday

* GrainCorp slips; appoints new CEO from NZ's Fonterra

By Niyati Shetty

Dec 11 (Reuters) - Australian shares rose on Wednesday, led by gains in consumer and resource-based sectors, though trading volumes were low as a looming deadline for further U.S. tariffs on Chinese goods dampened risk appetite.

The S&P/ASX 200 index .AXJO was up 0.3%, or 17.10 points, at 6,724.0, as of 0120 GMT. The benchmark closed 0.3% lower on Tuesday.

"Although we have seen gains at the open there is not a lot of conviction in the buying that's going through," said Michael McCarthy, chief market strategist at CMC Markets.

U.S. and Chinese trade negotiators are laying the groundwork for a delay of a fresh round of tariffs set to kick in on Dec. 15, according to a Wall Street Journal report. White House economic adviser Larry Kudlow said the "tariffs are still on the table". in the Australian stock market has dipped over the past week as investors refrain from making big bets before China or the United States provide concrete details about their next trade move.

Consumer heavyweights Woolworths Group WOW.AX and Coles Group Ltd COL.AX , considered defensive stocks, gained 0.5% and 0.3%, respectively.

Online travel agency Webjet Ltd WEB.AX , which was the top gainer in the ASX benchmark, surged 11.2% after the company denied local media reports citing takeover plans. units .AXGD rose nearly 1% as prices of the safe-haven metal XAU= edged higher. Evolution Mining Ltd EVN.AX gained 1.6%, while Northern Star Resources Ltd NST.AX was trading up 1.3%.

Energy stocks .AXEJ advanced on overnight gains in oil prices, with Oil Search Ltd OSH.AX adding 1.4% and Woodside Petroleum Ltd WPL.AX climbing 0.4%

Australia's second-biggest lender Westpac Banking Corp WBC.AX rose 0.7%, ahead of its annual meeting where the bank is expected to face investor rage over a money laundering scandal. shares have lost about 8% since the disclosure three weeks ago.

Shares of GrainCorp Ltd GNC.AX dropped 0.5% as the bulk grain handler announced the appointment of Fonterra FCG.NZ executive Robert Spurway as its new chief executive after the demerger of its malt business. Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.2%, or 25.07 points, to 11,284.22.

Auckland International Airport AIA.NZ declined 1.1% and Fisher & Paykel Healthcare Corp FPH.NZ lost 1.2%.

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