Australian shares up

Australian stocks ended up just 0.1 percent on Tuesday, as an early rally helped by short-covering fizzled out as banks and miners trimmed gains and phone company Telstra dropped after hitting a competition snag. Australia's competition regulator voiced objections to the terms of the proposed split of Telstra Corp, threatening to delay an historic reform designed to wire up the entire nation to high-speed broadband.
The news knocked Telstra shares down 2.6 percent to A$2.99, after touching a low of A$2.92, down 4.9 percent. Analysts said the watchdog's concerns would probably only mean a bump in the road to getting the deal done. The benchmark S&P/ASX 200 index gained a scant 5.9 points to 4,269.2, after failing at a couple of attempts to breach 4,300.
The index has recovered 4.6 percent from last week's low. New Zealand's benchmark NZX 50 index gained 0.4 percent to 3,317.7. Among the top four banks, top lender National Australia Bank gained 0.9 percent to A$23.66 and Westpac rose 0.3 percent to A$20.48.