Australia: Property stocks lift shares higher; CBA falls further

[BENGALURU] Australian shares closed higher on Thursday (Nov 18) after 2 straight sessions of falls, as property and gold stocks outweighed losses in heavyweight financials amid worries over tightening margins.

The S&P/ASX 200 index rose 0.13 per cent to 7,379.2 after shedding 1.3 per cent in the previous 2 sessions.

Property stocks led the recovery with real estate company Mirvac rising 1.8 per cent, the most in a week, and property trust GPT Group climbing 2.2 per cent.

Goodman Group advanced 2.5 per cent to hit its highest in over 13 years after the property giant forecast a more than 15 per cent growth in full-year operating earnings per security.

Financials fell 0.6 per cent, extending losses fuelled by a margin-hit warning from Commonwealth Bank of Australia, the country's largest lender. Commonwealth Bank of Australia skidded 1.6 per cent, while the rest of the "Big Four" lenders slipped between 0.9 per cent and 1.4 per cent.

"Money is coming out of banks and going into other equities, but most of the commentary from companies' AGMs and updates also seemed quite positive, so that's certainly helping the market at the moment," said Henry Jennings, a senior analyst at Marcustoday Financial Newsletter.

"House price growth will soon peak in December and the property market is making the best of it right now."

Gold stocks rose 2.7 per cent as lower US bond yields and dollar kept bullion prices supported.

Evolution Mining climbed 9.7 per cent and was the best performer on the local bourse after the gold miner said it would buy Glencore's Ernest Henry copper-gold mine near Cloncurry for A$1 billion (S$987.5 million).

New Zealand's benchmark S&P/NZX 50 index fell 0.29 per cent to 12,800.3.

REUTERS