Australia, NZ shares in holding pattern as Brexit risk looms

Vital Healthcare Property Trust

17/06/2016 03:37

SYDNEY/WELLINGTON, June 17 (Reuters) - Australian shares 
edged up on Friday after three sessions of declines but were 
still on track to post one of their worst weekly performances 
this year.  
    Fears of fresh global market turmoil if Britain votes next 
Thursday to exit the European Union have seen the local market 
shed around 3 percent so far this week - a magnitude not seen 
since February. 
    By 0223 GMT, the S&P/ASX 200 index  .AXJO  was up a mere 0.3 
percent, or 17.4 points, at 5,163.4. The benchmark was still 
within reach of a two-month low of 5,141.0 set on Thursday. 
    Helping prop up the market, the big four local banks all 
trimmed some of this week's hefty losses. ANZ  ANZ.AX  put on 
1.5 percent, climbing off a six-week low. 
    The global miners also enjoyed a bit of a lift with BHP 
Billiton  BHP.AX  up 0.7 percent. 
    Traders said there was little market conviction given the 
current skittish environment. 
    "Next Friday promises to be utter madness and as such as we 
have heard from the BoJ, Federal Reserve and Swiss National Bank 
overnight assuring participants that they will provide liquidity 
should it dry up on the day," said Chris Weston, chief market 
strategist at IG. 
    For more individual stocks activity click on  STXBZ  
    Also non-committal, New Zealand's benchmark S&P/NZX 50 index 
 .NZ50  drifted in and out of negative territory.  
    It was last a tad higher at 6,889.9, but still poised for a 
weekly loss of 1.2 percent - its largest weekly decline since 
February. 
    Vital Healthcare  VHP.NZ  rose 0.5 percent while Auckland 
Airport  AIA.NZ  rose 0.9 percent. 
    New Zealand Refining  NZR.NZ  led losses, falling 1.5 
percent as investors took profits after the refining company 
rose for two previous sessions.  
    Accounting software company Xero  XRO.NZ  lost 1.0 percent 
while retirement village operator Ryman Healthcare  RYM.NZ  fell 
1.1 percent. 
 
 (Reporting by Ian Chua in Sydney and Charlotte Greenfield in 
Wellington; Editing by Kim Coghill) 
 ((ian.chua@thomsonreuters.com; +61 2 9321 8174; RM: 
ian.chua.thomsonreuters.com@reuters.net)) 
  
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Keywords: AUSTRALIA STOCKS/ MIDDAY