SYDNEY: Australian shares rose on Tuesday after the country's central bank played up prospects of fresh stimulus and as employment continues to recover from the lockdown, although a spike in Covid-19 cases globally and at home kept gains in check.
The S&P/ASX 200 index jumped as much as 2.4%, but pared some gains to finish 1.4% firmer at 5,897.90. The benchmark was up nearly 17% for the quarter, marking its best quarter since September 2009.
Financials stocks underpinned the bullish sentiment, gaining 1.2% after Debelle said Australia does not need negative interest rates.
Mining stocks, whose biggest export market is China, rose 1.3% and marked their best quarter on record, while the energy sub-index jumped 4.3% and recorded its strongest quarter in 12 years. Collins Foods Ltd surged 12.7% on higher full-year results and was the top percentage gainer on the benchmark.
New Zealand's benchmark S&P/NZX 50 index recorded its best quarter ever. The index closed up 1.8% at 11,451.05, its highest level since June 9.
An ANZ bank survey showed that New Zealand's business sentiment improved slightly in June over the previous month.
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