Wednesday, 07 November 2012 11:20
MELBOURNE: Australian shares rose 0.7 percent on Wednesday, with banks and miners to the fore, but investors were cautious awaiting Wall Street's reaction to the re-election of USPresident Barack Obama.
Retailers declined after policymakers left Australia's official cash rate unchanged this week.
"Local investors were trading in non-committal fashion today until we see what verdict Wall Street delivers in response to the election result," said Tim Waterer, trader at CMC Markets.
The benchmark S&P/ASX 200 index gained 31.7 points to 4,516.5, according to the latest data, a one-week closing high and the fourth straight day of gains.
New Zealand's benchmark NZX 50 index added 0.4 percent to 3,943.1.
US stock futures' reaction became less bearish as the vote counting progressed. S&P 500 Index futures were down 0.6 percent, having dropped as much as 1 percent earlier, pointing to a reversal of most of Wall Street's election day gains when trading resumes, but Asian shares rose amid ...