Australian and New Zealand shares fell on Wednesday, as investors took profits in banks, miners and energy stocks, but surprisingly strong Australian first quarter economic growth helped stem market losses. The S&P/ASX 200 index closed down 1.03 percent to 5,323.20 after having touched a low of 5,306.3 earlier in the session. New Zealand's benchmark S&P/NZX 50 index shed 0.24 percent, or 17.01 points, to finish the session at 7022.4 as the market reset after heavy month-end trading on Tuesday.
Australia's gross domestic product grew 1.1 percent in the March quarter from the previous quarter, well above forecasts thanks to strong exports, which drove the Australian dollar up nearly half a US cent as the need for another rate cut dwindled. Selling across most sectors reflected investors looking to take some money off the table following a seven-week winning streak, Daghlian said.
Three of the big four banks were down more than 1.2 percent, while Commonwealth Bank of Australia fell 0.9 percent. New Zealand's biggest gainers included Freightways, up 3.8 percent, while the biggest losers included Heartland Bank, down 2.3 percent. Scott said there were few local drivers so investors were largely focused on global events.
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