Australian Shares Wipe Out Early Gains as Banks Drag

NZ50 Gains for Second Straight Week

(Updates to Market Close)

June 27 (Reuters) – Australian Shares Gave Up Early Gains to Close Lower on Friday, As Losses in Heavyweight Financials Offset a Rise in Mining Stocks, But the Benchmark Still Posted A Aonchly Gain.

The S & P/Asx 200 Index Ended 0.4% Lower to Finish the Session at 8,514.2 Points after rising as much as 0.6% in the early hours of traffic.

The benchmark gained 0.1% for the week and was poised to log its third cultural monthly gain.

Banking Stocks Fell 1.5% After Hitting a Fresh Peak for the Fourth Straight Session, with the “Big Four” Banks Losing Between 1.6% and 2.8%. However, the Sub-Index Marked Its Strongest Week in Nearly a month.

“Financials have taken a breatheer after a strong run. Resilient Domestic Economy, “Said Hebe Chen, Market Analyst at Vantage Markets.

Healthcare Stocks also Fell 1.4%, with Biotech Firm CSL Losing 2%. The Sub-Index Lost 1.5% for the week, its weakest since early may.

“As appetite for defense-fades and investors rotate into more cyclic names, CSL’s Lackluster performance continues to deter any meaningful dip-buying,” Chen Said.

Real Estate Stocks Fell 1.2%, While The Industrial Sector was down 0.7%.

Bucking the trend, heavyweight mining stocks rose 2.5% and posted their strongest session since April 10. The sub-institute 0.3% for the weekly, its weekly performance

Dalian Iron Ore Futures Rose and Weekly Gain on Falling Iron Ore and Steel Inventories.

Sector giant bhp rose 3.9%, closing at its highhest level since June 12. Rio tinto and fortescue added 4.6%and 3.6%, respectively, on the day.

New Zealand’s Benchmark S & P/NZX 50 Index Closed The Session 0.8% Higher at 12,583.59 points, Extended Gains for the Week. (Reporting by Nikita Maria Jino in Bengaluru; Editing by Vijay Kishore)