Australian shares rose 2 percent on Wednesday as investors cheered data showing the domestic economy beat all forecasts to grow at its fastest pace in almost ttwo years in October-December The S&P/ASX 200 index rose 98.948 points to 5,021.200 points, building on a 0.85 percent gain on Tuesday.
Analysts said the market drew support from the better-than-expected GDP figures, giving a boost to sentiment already brightened by upbeat US economic data overnight.
Australia's economy grew an unexpectedly fast 0.6 percent last quarter as gains in consumer and government spending offset the heavy drag from a global mining downturn.
Australia and New Zealand Banking Group closed 4.5 percent higher, while Commonwealth Bank of Australia Ltd, Westpac Banking Corp and National Australia Bank each rose more than 3 percent.
New Zealand's benchmark S&P/NZX 50 index rose 0.5 percent or 32.170 points to finish the session at 6,313.070.
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