Australian shares rise

Australian shares ended Wednesday higher on the back of Wall Street's record close, led by the financial and materials sectors, even after news that the Australian economy contracted last quarter. The S&P/ASX 200 index closed 49.4 points, 0.9 percent, higher at 5,478.1. The financial index was up 1.2 percent with the four major banks gaining over 1 percent each.
Global miner BHP Billiton rose nearly 1 percent while Rio Tinto and Fortescue Metals gained 2.8 and 4 percent respectively. Qantas Airways on the other hand rose 1.9 percent on cheaper fuel. New Zealand's benchmark S&P/NZX 50 index ended 0.3 percent, or 21 points, lower to finish the session at 6889.77.