Australian stocks closed 0.2 percent lower on Friday after resilient financial services stocks helped cushion the blow from a slide in commodity prices which hit major resource players. Losses for major miners Rio Tinto and BHP Billiton, which both closed 1.9 percent weaker, were tempered by National Australia Bank which gained another 2.9 percent following strong earnings results.
Some retailers, media and healthcare stocks also bounced back following recent losses, while Qantas Airways closed 3.4 percent higher as investors enjoyed some relief for the airline from falling oil prices. The S&P/ASX 200 index closed down 10.717 points at 4,743.0, erasing the market's gain for 2011. The index edged up 0.3 percent on Thursday as the Aussie dollar retreated from its recent rally. New Zealand's benchmark NZX 50 index was 7.368 points higher at 3,506.353.
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