2 Min Read
(Updates to close)
Dec 16 (Reuters) - Australian shares closed on Friday at their lowest in more than a week, as a stronger U.S. dollar hurt precious metal miners and oil stocks.
The dollar stood near a 14-year peak, after the Federal Reserve tightened monetary policy and as global markets continued adjusting to the idea of higher interest rates.
The S&P/ASX 200 index shed 0.1 percent or 5.677 points to close at 5,532.9. The benchmark lost 0.5 percent on the week.
Gold stocks were worst hit with most major producers adding to the losses on the index. Resolute Mining Ltd closed more than 10 percent lower while Newcrest Mining Ltd fell 4.7 percent. The benchmark index ended at its lowest level since March 2016.
Energy stocks drifted lower weighed down by an overnight decline in oil prices. Shares of Beach Energy Ltd closed nearly three percent lower and Caltex Australia Ltd shed more than three percent.
New Zealand's benchmark S&P/NZX 50 index closed 0.17 percent higher, or 11.62 points, to finish the session at 6,760.24. However, it lost 1.9 percent over the week.
The index was supported by utilities and industrials with Contact Energy Ltd ending 2.2 percent higher and Auckland International Airport Ltd finishing up 0.8 percent. (Reporting by Anusha Ravindranath in Bengaluru; Editing by Jacqueline Wong)