Australian shares edged up 0.15 percent on Wednesday, rebounding slightly from their biggest one-day loss percentage in three weeks in the previous session, drawing support from stronger financial stocks and despite weakness in resources. The S&P/ASX 200 index rose 7.58 points to 5,119 at the close of trade. The benchmark fell 1.4 percent on Tuesday.
New Zealand's benchmark S&P/NZX 50 index fell 0.23 percent or 14.86 points to finish the session at 6,562.96. The benchmark closed up 0.17 percent on Tuesday after hitting a record high of 6,607.86, the 12th consecutive daily gain and the longest rally since October, 2015.
"The banks are covering off the weakness in materials and energy, which is not surprising given iron ore fell about 5 percent overnight - the sixth consecutive daily fall," said Chris Conway, head of research and trading at the Australian Stock Report.
Financials were the strongest sector, firming 0.22 percent, led by the Commonwealth Bank of Australia, which rallied nearly 1.5 percent. Shares in Australia and New Zealand Banking Group Ltd rose 0.6 percent, while National Australia Bank and Westpac Banking Corp both rose nearly 0.5 percent.
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