Banks help Australian shares snap 5-day losing run to end higher
AXJO snaps five-day losing streak
Australian consumer sentiment down - survey
New Zealand forecasts bigger budget deficit for FY25
Updates to market close
By Aaditya GovindRao
Dec 17 (Reuters) -Heavyweight financials lifted Australian shares on Tuesday, snappinga five-session losing run.
The S&P/ASX 200 .AXJO index gained 0.8% to close at 8,314 points. The benchmark had shed nearly 2.1% in the lastfive sessions, the longest losing run since mid April.
"It appears that the Santa Claus rally has officially kicked off for 2024, right on cue in mid December. I will stick with the bullish Santa view, looking for further gains into year-end," said Tony Sycamore market analyst at IG.
Financials .AXFJ jumped 1.2% to support the index the most. The sub-index posted its biggest intraday gain since Dec. 5.
Commonwealth Bank of Australia CBA.AX and National Australia Bank NAB.AX, the country's two biggest lenders, added 1.6% and 1.5%, respectively.
Healthcare stocks .AXHJ advanced 1.1%, while information technology firms .AXIJ tracked an overnight rally in their U.S. peers to end 1.3% higher. .N
Bucking the trend, energy stocks .AXEJ dropped 1.1% on easing oil prices. O/R
Sector majors Woodside WDS.AX and Santos STO.AX lost 1% and 0.6%, respectively.
Oil and gas producer Karoon Energy KAR.AX plunged 9.7% on cutting production outlook for its Baúna project in Brazil due to operational disruptions. It was one of the two losers on the benchmark.
Miners .AXMM closed 0.2% lower, posting their fifth consecutive day of losses.
A Westpac survey showed Australian consumer sentiment declined in December, unwinding a little from the sharp gains in October and November.
New Zealand's benchmark S&P/NZX 50 index .NZ50 climbed 0.9% to end at 12,914.3 points.
The country's Treasury outlined rising unemployment, slower improvement to the economy and weaker balance sheet as the government projected it would not be able to return to surplus within its five-year forecast period.
Reporting by Aaditya Govind Rao in Bengaluru; Editing by Sumana Nandy
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