Australian shares ended higher on Wednesday thanks to a boost from energy and mining stocks, but a mixed performance by the big banks kept the overall market in check. The S&P/ASX 200 index closed 0.6 percent, or 34.7 points, higher at 5,960.7. The benchmark index is not far from a seven-year peak of 5,996.9 set last month.
New Zealand's NZX 50 index finished the session up 0.1 percent, or 4.3 points, at 5,859.7.
Bank shares, however, were mostly softer with the market still struggling to get over its disappointment that the central bank did not cut interest rates on Tuesday.
Woodside Petroleum climbed 2.2 percent, and Oil Search gained 4.7 percent after US crude approached 2015 highs overnight.
Among the iron ore producers, Fortescue Metals rallied 4.7 percent, while Arrium put on 5.2 percent.
"Iron ore broke an eight-session losing streak but there is still some concerns for the sector," said Stan Shamu, market strategist at IG. "For me it's more of a dead cat bounce for a lot of these players."
Banks were led by a 0.5 percent fall in ANZ. Shares in National Australia Bank hit a 7-1/2-year high, but have since reversed their gains to be flat on the day. New Zealand's benchmark NZX50 index was marginally firmer. Among the better performers were Auckland International Airport up 0.9 percent, rest home operator Ryman Healthcare up 1.0 percent, and power company Mighty River Power up 1.3 percent.
Several stocks including pharmacy retailer Green Cross, wood products company Tenon, and software company ikeGPS posted solid gains but on slim volumes.
The top three companies by capitalisation led the declines, with telecommunications company Spark down 2.5 percent, Contact Energy down 1.5 percent, and Fletcher Building 0.5 percent lower.
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