Australian shares held steady after a volatile trading session on Friday, as heavy losses in mining and energy sectors were partially offset by gains in healthcare stocks.
The S&P/ASX 200 index added 1 point to close at 7415.5, after gaining 0.02% on Thursday. The benchmark has gained in four out of five trading sessions and is up 0.73% this week.
"We're probably going to be seeing more of this up-and-down next week as well", said Henry Jennings, a senior analyst and portfolio manager at Marcus Today, citing tailwinds from U.S. reporting season and macro-economic factors.
Miners ended the session 1.48% lower, as the country's big miners BHP, Rio Tinto and Fortescue fell between 0.7% and 2.2%.
The losses were a result of plunging iron ore prices and uncertainty related to possible bond defaults from China Evergrande Group.
Energy stocks also fell 2.08%, their worst dip in a month, as oil prices dropped overnight, and heavyweights Woodside Petroleum and Santos lost 2.8% and 2.2%, respectively.
"We're looking at individual stocks more than indexes, and what's happening with AGMs and earnings updates at the moment," Jennings said.
Export-reliant healthcare stocks lifted the benchmark slightly, as the sector index moved up 0.59% on the back of a strong U.S. dollar.
Top index gainers Healius and Ramsay Health were up 4% and 2.6% respectively. Four out of ten top gainers on the benchmark were healthcare stocks.
Gains in miners, banks lift Australian shares
Rail operator Aurizon dropped 6.2% in its biggest intraday plunge in over a year after announcing an A$2.35 billion ($1.75 billion) deal to acquire One Rail Australia (ORA) from Macquarie's funds.
Lynas Rare Earths, the world's largest rare earths producer outside China, was the top loser on the benchmark after it said its first-quarter revenue fell 35% sequentially, driving the stock 8.1% lower.
New Zealand's benchmark S&P/NZX 50 index reversed early gains to close 0.249% down at 13,093.24. The index has added 0.62% this week.
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