Australian shares ended up 0.9 percent on Thursday led by broad-based gains sparked by data showing better-than-expected trade balance and retail sales at home. The S&P/ASX 200 index rose about 47 points at the close of trade, also supported by signs of resilience in the US economy. The benchmark ended 0.8 percent higher on Wednesday. New Zealand's benchmark NZX 50 index ended up 0.36 percent or 19.6 points to finish the session at 5,522.7.
"I am not sure we'll see the Christmas rally that some people are expecting though, a lot still depends on commodity prices," said Leeane Jones, equities analyst at Bell Direct. "If we see more pressure on commodities and oil it may put the market under pressure," she added. Retail sales in Australia rose 0.4 percent in October, far outpacing a Reuters consensus of flat growth. The trade deficit came in at A$1.3 billion in October, smaller than the A$1.9 billion deficit forecast by economists.
Financials, resources and consumer staples pulled the index higher while the energy sector, led by Santos Ltd, was the only sector in the red. Santos fell 10.5 percent to near 10-year lows after it scrapped plans to raise 1 billion euros and said it would focus instead on cutting costs. New Zealand's commodity-related shares led gains. Oceanagold was up 4.2 percent at NZ$2.45 ($1.89), while New Zealand Oil and Gas rose 3.1 percent to NZ$0.65, extending its recovery from NZ$0.590 hit earlier in the week, its lowest in more than three years.
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