Australia, New Zealand: Shares follow Wall Street rally

[BENGALURU] Australian shares rose on Friday, tracking gains on Wall Street after strong US economic data eased concerns about a cooling economy, with financials and healthcare stocks boosting the local benchmark.

On Wednesday, the Fed surprised markets with a policy statement that was more dovish than expected, abandoning projections for more rate hikes this year due to signs of softness in the US economy. The healthcare sub-index advanced 2.4 per cent, with heavyweight CSL putting on as much as 2.8 per cent, while Cochlear was another major gainer, rising 3.1 per cent.

Resource stocks declined 0.5 per cent, with gold stocks weighing on the index as prices retreated from three-week highs.Gold producer St Barbara Ltd slumped more than 30 per cent after it said it would not proceed with the Gwalia Mass Extraction project in Western Australia and slashed its production outlook for the project.

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