Australian shares closed lower on Wednesday, as investors took profit on recent financials sector gains, which offset moves higher in materials stocks on the bank of higher commodities prices. The S&P/ASX 200 index fell 0.3 percent, or 18.2 points to 6,247.6 at the close of trade. The benchmark rose 0.6 percent on Tuesday.
Financials stocks were biggest drag on the main board, with the sector index dropping 0.6 percent after several weeks of gains. The sector is up more than 8 percent since mid-June. Westpac Banking and Commonwealth Bank of Australia led the losses, closing 1 percent and 0.6 percent lower, respectively. Healthcare stocks also fell, with the healthcare index dropping 1.5 percent. Biotherapeutics firm CSL led the sector declines, losing 1.7 percent. Elsewhere, materials saw healthy gains after overnight strength in commodity prices carried into Asian trade, with the metals and mining index climbing 1.5 percent.
Global miner BHP was up 2.2 percent, overwhelmingly leading the gains on the sector index as well gains on a largely weaker benchmark. New Zealand's benchmark S&P/NZX 50 index gained 0.4 percent, or 32.57 points to close at 8,933.89. a2 Milk Company drove the benchmark higher with a 2.4 percent rise, shrugging off a recent of heavy losses.