Australia: Shares end at record high as Middle East conflict cools
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[BENGALURU] Australian shares closed at a record high on Thursday, as worries of a larger Middle East conflict eased following remarks from the United States and Iran.
The S&P/ASX 200 index ended 0.8 per cent or 56.6 points higher at 6,874.20.
US President Donald Trump said on Wednesday the US did not have to respond militarily to Iran's attack, while Iranian Foreign Minister Mohammad Javad Zarif said its strikes "concluded" Teheran's retaliation.
Tensions in the Middle East heightened last week after a US drone strike killed Iranian top military commander.
Healthcare stocks, that have a significant exposure to US markets, ended at a record high.
Drugmaker CSL Ltd, the fourth-largest stock on the index, climbed 1.8 per cent and local shares of California-based Resmed Inc gained 1.5 per cent.
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Mining giant BHP Group extended gains into a sixth straight session with a 1.2 per cent rise, while rival Rio Tinto added 1.3 per cent.
Iron ore prices slipped on Thursday but had surged to a five-month closing highs in the prior session amid hopes of strong restocking demand in Chinese mills ahead of holidays.
The heavyweight financial index was lifted by top lender Commonwealth Bank of Australia, up 0.7 per cent.
Insurer Suncorp Group said it received 2,600 bushfire-related claims since September, estimating costs of up to A$345 million (S$320.2 million). The company's shares closed 1.3 per cent higher as it is largely covered by their reinsurance programme.
Gold stocks retreated as abating Middle East tensions dampened demand for the safe-haven bullion. Top gold miner Newcrest Mining fell 2.5 per cent, while Northern Star Resources lost 3.2 per cent.
Energy stocks snapped a five-session gaining streak after crude prices slipped over 4 per cent on Wednesday.
Elsewhere, New Zealand's benchmark S&P/NZX 50 index slipped 0.2 per cent or 19.3 points to 11,537.68.
Utilities firm Meridian Energy fell 3.9 per cent, while Ryman Healthcare lost 2.6 per cent.
REUTERS
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