The local share market has finished little changed from where it began, although technically the tiny gain was enough to extend its winning streak to six days.
The benchmark S&P/ASX200 index on Thursday rose 2.6 points, or 0.04 per cent, to 7,091.0, while the All Ordinaries added 6.1 points, or 0.08 per cent, to 7,287.4.
It's the longest streak of gains, however modest, for the ASX200 since a seven-session stretch from June 9 to June 20.
IG market analyst Tony Sycamore said the index had staged a Lazarus-like recovery, gaining 3.2 per cent since hitting an 11-month low just over a week ago.
In the US overnight, Wall Street extended its winning streak to three days as the major indices flipped to positive following the release of dovish Federal Open Market Committee (FOMC) minutes.
The document highlighted that members agreed they would "proceed carefully" and there were mixed views on future interest rate hikes.
Seven of the ASX's 11 sectors finished in the green, although none rose more than one per cent.
Health care was a major drag, with CSL plunging 6.3 per cent to a four-year low of $238.24 after Danish pharmaceutical company Novo Nordisk disclosed that its semaglutide drug had shown early success in delaying the progression of kidney disease in diabetes patients.
An expanded indication for the drug - already approved to treat obesity and diabetes under the Ozempic and Wegovy brand names - could threaten CSL Vifor's established therapies for kidney disease and iron deficiencies, analysts said.
CSL bought Swiss-based Vifor for $18.8 billion in 2022.
ResMed slid 5.3 per cent to a two-week low of $22.17 and Fisher & Paykel Healthcare fell 4.4 per cent to a nine-day low of $19.75, likely on concerns that Ozempic-like obesity drugs could crimp demand for their CPAP machines used to treat sleep apnea.
Novo Nordisk's announcement about the early success of semaglutide as a kidney disease treatment also sent shockwaves through the dialysis sector, with service providers like DaVita, Fresenius Medical and Baxter Medical seeing their US-listed shares dropping by double digits.
Elsewhere, all of the big four banks were higher, with ANZ climbing 0.8 per cent to $25.86, CBA up 1.0 per cent to $101.60, and NAB and Westpac both adding 0.9 per cent, to $29.56 and $21.63.
In the heavyweight mining sector, BHP rose 0.3 per cent to $44.84, Rio Tinto added 0.9 per cent to $114.85 and Fortescue gained 0.8 per cent to $21.33.
Newcrest gained 2.1 per cent to $25.80 as Newmont Corp shareholders overwhelmingly backed its pending $26.2 billion acquisition of Newcrest.
Newcrest shareholders will vote on the deal on Friday.
Tabcorp dropped 6.4 per cent to a more than two-year low of 91.5c after the sports betting and gaming group said that revenue was down 6.1 per cent in the September quarter.
Wagering turnover fell 0.9 per cent, although digital revenue turnover grew 1.0 per cent.
"Given the softer trading environment, I'm glad we grew digital wagering turnover, which highlights that customers are responding to our new digital offering," said chief executive Adam Rytenskild.
The Australian dollar was buying 64.21 US cents, from 64.13 US cents at Wednesday's ASX close.
ON THE ASX:
* The S&P/ASX200 index finished Thursday 2.6 points higher at 7,091.0, a gain of 0.04 per cent
* The All Ordinaries rose 6.1 points, or 0.08 per cent, to 7,287.4
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.21 US cents, from 64.13 US cents at Wednesday's ASX close
* 95.79 Japanese yen, from 95.49 Japanese yen
* 60.40 Euro cents, from 60.49 Euro cents
* 52.13 British pence, from 52.19 British pence
* 106.76 NZ cents, from 106.49 NZ cents
