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Basic Materials
Size
Large Cap
Market Cap £13.12bn
Enterprise Value £14.28bn
Revenue £3.12bn
Position in Universe 19th / 1837

Australian shares pare losses as Trump reassures after Iran attacks; NZ down

Wed 8th January, 2020 6:09am
* Trump says "all is well" after Iran missile attack 
    * Gold index hits near 3-month closing high
    * Energy stocks gain for 5 straight sessions

 (Updates to close)
    By Niyati Shetty
    Jan 8 (Reuters) - Australian shares trimmed losses on
Wednesday after U.S. President Donald Trump's comment on the
Middle East tensions reassured investors rattled by Iranian
missile attacks on U.S.-led forces in Iraq earlier in the day. 
    The S&P/ASX 200 index  .AXJO  closed down 0.1%, or 8.8
points, at 6,817.60, after declining as much as 1.1% in early
trade. The benchmark gained 1.4% in the previous session. 
    Tehran's missile attack on U.S. forces, which was in
retaliation to the killing of Iranian commander Qassem Soleimani
last week, stoked concerns about a broader regional conflict. 
    Lifting market sentiment, Trump in a tweet late on Tuesday
said "all is well!", and added that an assessment of casualties
and damage from the strikes was under way and that he would make
a statement on Wednesday morning.  urn:newsml:reuters.com:*:nL1N29D006
    Markets pulled back from the losses as the rhetoric was not
as harsh as investors were expecting, said James Tao, market
analyst at CommSec. 
    "The strikes set the expectations that there could be a
harsh rebuke from the United States."
    Export-reliant healthcare stocks  .AXHJ  reversed course to
end up 0.5%, with CSL Ltd  CSL.AX  and Cochlear Ltd  COH.AX 
adding 0.9% each.
    Safe-haven gold stocks  .AXGD  surged 3.2% to a near
three-month closing high, with heavyweight Newcrest Mining
 NCM.AX  adding 4%.
    Northern Star Resources  NST.AX  gained 2.5%, while
Evolution Mining  EVN.AX  rose 2.1%.
    The energy sector  .AXEJ  extended gains for a fifth
straight session as oil prices surged on concerns over crude
supply disruptions in the Middle East.  O/R 
     Woodside Petroleum  WPL.AX  tacked on 1.4%, while smaller
peer Santos  STO.AX  climbed 1.1%. 
    Risk-averse sentiment hurt financials  .AXFJ  the most, with
all of the "Big Four" heavyweight lenders falling. Top lender
Commonwealth Bank of Australia  CBA.AX  shed 0.4%, while Westpac
Banking Corp  WBC.AX  lost 0.3%.
    Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50
index  .NZ50  fell 0.6%, or 72.88 points, to 11,556.98. 
    Retirement homes operator Summerset Group  SUM.NZ  fell 4.3%
and was the top loser on the bourse, while Restaurant Brands New
Zealand  RBD.NZ  slipped 2.7%.

 (Reporting by Niyati Shetty in Bengaluru; Editing by Shailesh
Kuber)
 ((Niyati.N.Shetty@thomsonreuters.com; +918067497199;))
 
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