Australian shares recorded their worst first-quarter in eight years as a 1.5 percent rally on Thursday failed to make up for weeks of heavy selling, while New Zealand stocks finished the three month period at an all time high. The S&P/ASX 200 index to rose 72.5 points to 5,082.8 by the close of trade, its biggest percentage gain in a month. But the index lost 4.0 percent in the January-March period, its worst first-quarter result since 2008.
New Zealand's benchmark S&P/NZX 50 index added 38.3 points, or 0.6 percent, to finish at a record close of 6,752.4. For the quarter, the New Zealand benchmark rose 6.8 percent. Sentiment was soothed by expectations the Federal Reserve would proceed slowly on any further increases in US interest rates, which lifted the S&P 500 to a three-month peak.
Resource stocks also rallied, with BHP Billiton up 3.4 percent after a very strong run in London overnight. Genworth Mortgage Insurance Australia jumped over 4 percent after announcing a payment to shareholders of 34 cents per share. New Zealand's health software company Orion Healthcare led gains, rising 6.15 percent.
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