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Australian, NZ stocks finish modestly higher
May 24, 2017 / 6:32 AM / 7 months ago

Australian, NZ stocks finish modestly higher

(Updates to close)

May 24 (Reuters) - Australian shares pared early gains to end marginally higher on Wednesday, underpinned by industrial and consumer stocks.

The S&P/ASX 200 index closed up 0.2 percent, or 8.809 points, at 5,769.

Biopharmaceutical company CSL Ltd was the top gainer, up 1.4 percent.

CSL was followed by testing services provider, ALS Ltd which rose to its highest in 2-1/2 years.

The company earlier in the day reported an after tax profit in fiscal 2017, a turnaround from a loss a year ago.

The top loser on the index was Sigma Healthcare, which slumped 31 percent -- its biggest intraday percentage fall in over seven years -- after it said it had decided to commence legal proceedings against Chemist Warehouse Group for breach of an agreement.

The company said the cost of the legal proceedings might decrease its current year core earnings by 5 percent.

Other decliners included Rio Tinto and South32 , which slipped after China’s iron ore futures fell more than 5 percent on Wednesday, the steepest single-day drop in more than two weeks.

Financials were off 0.02 percent, with three of the ‘Big Four’ down. Commonwealth Bank of Australia ended flat.

The gold index fell 3.65 percent.

New Zealand’s benchmark S&P/NZX 50 index gained 0.502 percent, or 37.08 points, to finish at 7,421.78.

Fisher & Paykel Healthcare Corp Ltd was the top performer on the index, advancing 1.5 percent, followed by energy retailer Contact Energy. (Reporting by Aparajita Saxena in Bengaluru; Editing by Kim Coghill)

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