Australian shares ended higher on Wednesday, driven by a strong rally in basic material stocks on the back of rising iron ore and base metal prices. The S&P/ASX 200 index closed 0.19 percent higher, or 10.798 points, at 5,771.5. The rally in commodity stocks was fuelled by a rise in iron ore prices as steel and iron ore futures in China advanced for a third session on Wednesday. Base metals were also up with copper and zinc gaining.
The metals and mining index extended gains into a second straight session, rising 2.7 percent with Rio Tinto adding 3.9 percent and Fortescue Metals climbing 4.5 percent. Gold Miners Newcrest Mining and Resolute Mining rose 1.2 percent and 1.5 percent, respectively. Whitehaven Coal closed 2.6 percent up. Financial stocks, however, fell with three of the 'Big Four' losing in the range of 0.3 percent to 0.8 percent. Commonwealth Bank of Australia added 0.2 percent. New Zealand's benchmark S&P/NZX 50 index hit its highest close since October 14, 2016 up 0.46 percent, or 32.01 points, to 7,069.59.
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