Australian shares ended 0.6 percent higher on Wednesday, making a third straight day of gains as resources and energy-related shares took heart from a sharp rebound in oil prices overnight. The S&P/ASX 200 index fell 0.6 percent in late morning deals but recovered to finish 30.5 points higher at day's peak of 5,197.9. The benchmark rose 0.3 percent on Tuesday.
Energy stocks were top winners on the index with LNG, Santos and Origin surging by between 10 percent and 21.6 percent. Major banks rebounded in late trade, with ANZ Banking and NAB both up 0.9 percent. The benchmark is now up 2.9 percent for the week, on track for its best weekly performance since July 17. New Zealand's benchmark NZX 50 index fell 0.3 percent, or 18.08 points, to finish the session at 5,650.03.
The index gained more than 5 percent over the last five sessions to Tuesday's close, after hitting a two-year trough late last month. It will likely end the year at 5,200 points - marking its first annual loss since 2011, according to a Reuters Poll. Top miners BHP Billiton and Rio Tinto were up 1.1 percent and 2.3 percent respectively. Energy firms Santos, Woodside Petroleum and Beach Energy jumped 3-8 percent. Asset management firms such as Perpetual and Platinum led the losses falling 3 and 4.5 percent each. Major banks all traded in the red with Commonwealth Bank down 1.1 percent and Westpac off 0.7 percent. Leading telco Telstra was down 1.1 percent.