AUSTRALIA - SYDNEY. 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 inched up 0.10 points to 6,268.4 at the close of trade. The benchmark jumped 0.9% on Thursday.
The index of health care stocks jumped 1.5% 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 climbed 2% to its highest ever and was the biggest boost to the benchmark.
Bionic-ear maker Cochlear Ltd rose 3.2% and also closed at a record high, while Australia-listed shares of Resmed Inc firmed 0.8%.
But financials stocks fell, countering market gains from health care shares.
Commonwealth Bank of Australia, the biggest lender, slipped 0.5% and was the biggest drag. Australia and New Zealand Banking Group Ltd dropped 0.7%.
In New Zealand, the benchmark S&P/NZX 50 index climbed 0.4% or 38.72 points to finish the session at 9,024.19. The benchmark had a weekly loss of 0.7%, its biggest since April.
Utilities and consumer discretionary stocks led the upward charge on Friday, with Infratil Ltd jumping 2 percent on Friday. Skycity Entertainment Group Ltd rose 1.5%.
