SYDNEY/WELLINGTON: Australian shares hit a near nine-month high on Wednesday, bolstered by the financial sector after the country’s central bank governor assured that rising house prices were not a cause for concern, while New Zealand snapped an 11-day winning streak.
Rising for the third straight session, the S&P/ASX 200 index ended 0.5% higher at 6,531.1, its highest closing since Feb. 27.
The financial sub-index closed up 1.7%, hitting its highest since early March. The ‘Big Four’ banks rose between 1.2% and 2.2%, despite National Australia Bank closing all its branches across the country due to a “physical security threat”.
Other major sub indexes were subdued, with technology and gold stocks closing flat, while miners lost 0.4%.
Energy stocks fell 0.7% after bigger-than-expected build in US crude stocks and weaker US retail sales stoked fears over fuel demand. Shares of Oil Search and Santos were among the biggest drags.
In New Zealand, the benchmark index closed 1.2% lower, snapping an eleven-session rally, dragged down by a2 Milk falling most in over seven weeks on an uncertain revenue forecast.—Reuters
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