* Financials extend fall fuelled by CBA's margin warning
* Property stocks gain 1.8%, best performers on ASX200
* Evolution Mining jumps almost 10% on mine acquisition
Nov 18 (Reuters) - Australian shares closed higher on
Thursday after two straight sessions of falls, as property and
gold stocks outweighed losses in heavyweight financials amid
worries over tightening margins.
The S&P/ASX 200 index rose 0.13% to 7,379.2 after
shedding 1.3% in the previous two sessions.
Property stocks led the recovery with real estate company
Mirvac rising 1.8%, the most in a week, and property
trust GPT Group climbing 2.2%.
Goodman Group advanced 2.5% to hit its highest in
over 13 years after the property giant forecast a more than 15%
growth in full-year operating earnings per security.
Financials fell 0.6%, extending losses fuelled by a
margin-hit warning from Commonwealth Bank of Australia,
the country's largest lender. Commonwealth Bank of Australia
skidded 1.6%, while the rest of the "Big Four" lenders slipped
between 0.9% and 1.4%.
"Money is coming out of banks and going into other equities,
but most of the commentary from companies' AGMs and updates also
seemed quite positive, so that's certainly helping the market at
the moment," said Henry Jennings, a senior analyst at
Marcustoday Financial Newsletter.
"House price growth will soon peak in December and the
property market is making the best of it right now."
Gold stocks rose 2.7% as lower U.S. bond yields and
dollar kept bullion prices supported.
Evolution Mining climbed 9.7% and was the best
performer on the local bourse after the gold miner said it would
buy Glencore's Ernest Henry copper-gold mine near
Cloncurry for A$1 billion ($727.60 million).
New Zealand's benchmark S&P/NZX 50 index fell 0.29%
($1 = 1.3744 Australian dollars)
(Reporting by Riya Sharma in Bengaluru; Editing by Subhranshu