Australian shares rose for a fifth straight day on Wednesday, aided by banking and resources stocks and by hopes of economic stimulus in some major countries, while New Zealand stocks backtracked from the previous day's record. The S&P/ASX 200 index was up 35.3 points, or 0.7 percent, at 5,388.5 at the close of trade. The benchmark has added nearly 4 percent in five days.
New Zealand's benchmark S&P/NZX 50 index eased 15.1 points, or 0.2 percent, to finish the session at 7,064.3. The index closed at its highest level a day earlier. Australian benchmark gained 0.3 percent on Tuesday as investors cheered the end of political roadblocks in Britain and at home. The index is up 1.4 percent so far this year.
On Wednesday, banks, resources and energy sectors helped lift the index while consumer discretionary, healthcare and telecom shares declined. The major banks were mixed with ANZ Banking Group and National Australia Bank up 0.8 percent each while Westpac was down 0.1 percent. Major miners BHP Billion and Rio Tinto rose more than 2 percent. Fortescue jumped 5.4 percent. New Zealand's property companies led gains, with Investore Property leading the index and up 1.86 percent. Vital Healthcare rose 1.16 percent.
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