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ASX 200 marginally up
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Miners, gold, energy stocks fall
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Data points at U.S. economy slowing abruptly
(Updates to close)
By Nausheen Thusoo
May 12 (Reuters) - Australian shares closed marginally
higher on Friday after a subdued trading session as tech and
healthcare stocks rallied to offset a drag in mining and
healthcare stocks.
The S&P/ASX 200 index was up 0.1% at 7,256.7 points at the close of trade. The benchmark gained 0.5% this week, snapping a three week losing streak.
"Investors are just sitting on the sidelines at the moment, making the market relatively quiet due to which volumes are down on the benchmark today," said Henry Jennings, Senior Analyst and portfolio manager at Marcustoday Financial Newsletter.
On the other hand, data on Thursday showed China's economic recovery seemed to be losing steam. New bank loans tumbled sharply in April, consumer prices rose at the slowest pace in more than two years and imports unexpectedly contracted, driving a plunge in commodity prices from copper and iron ore to oil. O/R Overnight, data showed U.S. jobless claims jumped to a 1-1/2-year high last week, while producer prices rose by the smallest annual increase in more than two years, hinting at a potentially more abrupt slowing in the world's largest economy. "We also had the Australian federal budget this week which indicated a lot of pressure on the housing market," Jennings added.
"That is not going to help the CPI and the RBA. Such factors keep the picture confusing for the investors and the market." On the local bourse, tech , healthcare and financials gained 1%, 1.2% and 0.2% each, while mining stocks fell 1.1%. Mining giants BHP group , Rio Tinto and Fortescue Metals all closed lower. Gold stocks toppled 2.3% as the bullion lost shine. Sector heavyweight Newcrest Mining also fell 2.4% after it extended the exclusivity period for Newmont's buyout bid. Energy Stocks lost 0.5%.
New Zealand's benchmark S&P/NZX 50 index rose 0.4%
to finish the session at 11,938.84 points.
(Reporting by Nausheen Thusoo in Bengaluru; Editing by Janane
Venkatraman)
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