Australian shares rose to their highest level in nearly a year on Wednesday as gains in commodity prices lifted resources stocks and soft inflation data boosted hopes of an interest rate cut, while New Zealand shares slipped. The S&P/ASX 200 index nudged up 2.2 points, or 0.04 percent, to 5,539.7 at the close of trade, its highest finish since August 6, 2015. New Zealand's benchmark S&P/NZX 50 index fell 8.5 points, or 0.1 percent, to finish the session at 7,301.9.
Shares had tracked as low as 5,530 points after Australia's Bureau of Statistics published inflation figures showing the slowest annual price growth in 17 years. But the index recovered, as the figure was in line with market and analyst expectations. Mining stocks were among the biggest gainers on the Australian bourse, underpinned by a 5 percent jump in Chinese iron ore futures. BHP Billiton Ltd gained 4.1 percent, spin-off South32 Ltd rose 1.6 percent and Rio Tinto Ltd shares rose 2.4 percent.
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