Australian shares rose for the first time in nine sessions on Wednesday, snapping the longest losing streak in 5-1/2 years, supported by better-than-expected Chinese trade figures. The S&P/ASX 200 index ended 1.26 percent, or 62.2 points higher, at 4,987.4.
The benchmark closed down 0.14 percent on Tuesday, the eighth consecutive daily fall, having touched a 2-1/2-year low of 4,880.1 earlier in the week. The S&P/ASX 200 index last had eight consecutive losing sessions in mid-2010. China's exports in December fell 1.4 percent from a year earlier, data from the General Administration of Customs showed on Wednesday, much less than a Reuters poll forecast for an 8 percent drop and moderating from November's 6.8 percent decline.
Australian financials were the strongest performing asset class, with Australia and New Zealand Banking Group, Westpac Banking Corp, Commonwealth Bank of Australia and National Australia Bank all ending higher. Australia's energy sector also rose, despite continued weakness in the oil market.
Santos Ltd gained more than 5 percent, having earlier hit a 20-year low, while Origin Energy Ltd rose 3.2 percent after earlier hitting a 12-year low. Analysts said that despite the ASX rebounding, further losses would be likely if Chinese trade data disappoints, further fuelling concerns over China's economic slowdown. Rio Tinto rose for the first time in three sessions, having hit a 5-1/2-year low earlier in the session, while BHP Billiton fell nearly 2 percent as prices hit a low of $14.52 a share - the lowest since May 2005. New Zealand's dairy company A2 Milk led gains, rising 2.25 percent while Sky TV was up 1.4 percent.
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