Australia shares snap seven-session winning streak, banks drag

Tue Apr 29, 2014 2:22am EDT

(Updates to close)

SYDNEY, April 29 (Reuters) - Australian shares reversed early gains and slipped from near six-year highs on Tuesday, as banks were particularly hard hit after several investment firms downgraded their outlooks for key players in the sector.

The S&P/ASX 200 index lost 0.9 percent, or 49.5 points, to 5,486.6 at the close, snapping seven consecutive sessions of gains. The benchmark had earlier touched a near 6-year high of 5,554.5 before sliding to session lows of 5,469.3.

New Zealand's benchmark NZX 50 index added 0.6 percent or 32.5 points to finish the session at 5,148.3. (Reporting by Thuy Ong; Editing by Shri Navaratnam)

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