Australian shares barely moved on Friday, as strong gains in health care stocks were countered by weakness in banks. The S&P/ASX 200 index inched up 0.10 points to 6,268.4 at the close of trade. The benchmark jumped 0.9 percent on Thursday. The index of health care stocks jumped 1.5 percent to a record high. The defensive sector has significant exports to the US, and benefits from weakness in the local currency.
Index heavyweight CSL Ltd climbed 2 percent to its highest ever and was the biggest boost to the benchmark. Bionic-ear maker Cochlear Ltd rose 3.2 percent and also closed at a record high, while Australia-listed shares of Resmed Inc firmed 0.8 percent.
Commonwealth Bank of Australia, the biggest lender, slipped 0.5 percent and was the biggest drag. Australia and New Zealand Banking Group Ltd dropped 0.7 percent.
In New Zealand, the benchmark S&P/NZX 50 index climbed 0.4 percent or 38.72 points to finish the session at 9,024.19. The benchmark had a weekly loss of 0.7 percent, its biggest since April.