Australian shares ended just shy of an 11-year peak on Wednesday, after a surprise earnings beat from Australia and New Zealand Banking Group pushed up risk appetite and prompted sector-wide buying.
The S&P/ASX 200 index rose 0.8 percent, or 50.40 points, to 6,375.90 at the close of trade, just a few points below its previous 11-year peak of 6,382.1, touched last week. The benchmark fell 0.5 percent on Tuesday.
Financials strengthened after Australia and New Zealand Banking Group clocked a 2 percent rise in its half-year profit, exceeding expectations. The stock ended about 2.8 percent higher. The positive earnings prompted buying in other bank stocks, with majors Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corp adding about 1.3 to 2.3 percent for the day.
Sector heavyweights Woodside Petroleum and Santos Ltd added about 0.3 percent and 0.1 percent, respectively.
On the other hand, New Zealand stocks edged lower, with the index continuing to see some profit-taking after touching a record high last week.
The benchmark S&P/NZX 50 index closed down 0.5 percent, or 47.41 points, to finish the session at 9,966.42.
Index heavyweight A2 Milk Co shed 2.2 percent, while electricity provider Meridian Energy fell 0.4 percent.

Copyright Reuters, 2019

Comments

Comments are closed.