ASX200 inches down, 100 points below record high
Wesfarmers hits 1-month low
Fortescue logs worst day in a week
NZ50 at 4-year peak
Updates to market close
By Nikita Maria Jino
Oct 7 (Reuters) - Australian shares closed modestly lower on Tuesday as losses in consumer discretionary and healthcare stocks weighed on the benchmark, though the absence of any major catalysts kept the index largely rangebound.
The S&P/ASX 200 index .AXJO ended the session 0.3% lower at 8,956.80. The benchmark is around 100 points below its all-time high of 9,054.50 points, scaled in late August.
Kyle Rodda, senior financial market analyst at Capital.com, attributed the subdued move to a "lack of catalysts for local markets for a few days."
The benchmark has been stuck below the 9,000-mark since August, with Rodda attributing the recent tepid behaviour to weak local fundamentals. "The market looks very expensive above 9,000, so we need a really big push to get through there," he said.
Consumer discretionary stocks .AXDJ, typically sensitive to economic cycles, slipped more than 1%. Wesfarmers WES.AX, the country's biggest non-food conglomerate declined 1.3% to its lowest since early September, while electronics retailer JB Hi-Fi JBH.AX ended at a three-week low.
A measure of Australian consumer sentiment slid for a second straight month in October as concerns about family finances returned amid speculation that interest rates might not fall any further, per a survey on Tuesday.
Healthcare stocks .AXHJ fell 0.2%, weighed down by CSL's CSL.AX 0.2% decline. The biotech firm has lost nearly a quarter of its value since announcing subdued growth outlook, job cuts, and demerger plans in August.
Miners .AXMM edged 0.2% higher to track gains in copper prices, with BHP BHP.AX and Rio Tinto RIO.AX rising 0.1% and 0.5%, respectively. MET/L
Fortescue FMG.AX, however, capped gains on the sub-index after logging its weakest trade since late September. Sluggish iron ore prices continue to reflect on the miner, which has a pure play on iron ore, Rodda added.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 finished 0.3% higher at 13,531.29, its highest close since January 2021, ahead of the central bank's policy meeting on Wednesday.
(Reporting by Nikita Maria Jino in Bengaluru; Editing by Nivedita Bhattacharjee)
((Nikita.Jino@thomsonreuters.com;))