Australian shares dipped 1.61 percent on Wednesday with broad-based losses as investors took profits after six days of gains. The S&P/ASX 200 index fell 92.115 points to 5,614.600 at the close of trade. The benchmark rose 0.17 percent and touched a six-week high of 5,719.90 on Tuesday. New Zealand's benchmark NZX 50 index gained 0.86 percent or 50.84 points to finish the session at 5,927.750.
Losses were broad-based with information technology and healthcare sectors among the hardest-hit. "It's around a healthy profit-taking," said Ben Le Brun, an analyst at OptionsXpress, adding the market was cautious ahead of the corporate earnings season starting next month.
Natural resource stocks came under pressure with BHP Billiton off 0.8 percent after it flagged a further hit to its full-year profit of up to $650 million. Rio Tinto also shed 0.8 percent and Iluka Resources nearly 2 percent, but Fortescue Metals showed a 2 percent gain.
Financial stocks came under pressure with Macquarie Group and Commonwealth Bank of Australia down around 1.4 percent each. Australia and New Zealand Banking Group and National Australia Bank were also in the red. Yet, gold miners managed to rally 1.7 percent after the price of the metal showed signs of stabilisation following a recent steep decline.
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