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Australia: Shares slip to week low as miners sag; New Zealand up
[LONDON] Australian shares closed on Friday at their lowest in more than a week, as a stronger US dollar hurt precious metal miners and oil stocks.
The dollar stood near a 14-year peak, after the Federal Reserve tightened monetary policy and as global markets continued adjusting to the idea of higher interest rates.
The S&P/ASX 200 index shed 0.1 per cent or 5.677 points to close at 5,532.9. The benchmark lost 0.5 per cent on the week.
Gold stocks were worst hit with most major producers adding to the losses on the index. Resolute Mining Ltd closed more than 10 per cent lower while Newcrest Mining Ltd fell 4.7 per cent. The benchmark index ended at its lowest level since March 2016.
Energy stocks drifted lower weighed down by an overnight decline in oil prices. Shares of Beach Energy Ltd closed nearly three percent lower and Caltex Australia Ltd shed more than three percent.
New Zealand's benchmark S&P/NZX 50 index closed 0.17 per cent higher, or 11.62 points, to finish the session at 6,760.24. However, it lost 1.9 per cent over the week.
The index was supported by utilities and industrials with Contact Energy Ltd ending 2.2 per cent higher and Auckland International Airport Ltd finishing up 0.8 per cent.