Australia: Stocks flat as gains in healthcare temper losses in resources

[SYDNEY] 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 per cent on Thursday. The benchmark has gained in four out of five trading sessions and is up 0.73 per cent 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 US reporting season and macro-economic factors.

Miners ended the session 1.48 per cent lower, as the country's big miners BHP, Rio Tinto and Fortescue fell between 0.7 per cent and 2.2 per cent.

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 per cent, their worst dip in a month, as oil prices dropped overnight, and heavyweights Woodside Petroleum and Santos lost 2.8 per cent and 2.2 per cent, 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 per cent on the back of a strong US dollar.

New Zealand's benchmark S&P/NZX 50 index reversed early gains to close 0.249 per cent down at 13,093.24. The index has added 0.62 per cent this week.

REUTERS