Australian shares ended at their highest level in over 11 years on Thursday as expectations of local and US interest rate cuts drew investors to riskier assets. The S&P/ASX 200 index rose 0.5% or 32.50 points to 6,718.0 by the close of trade, its fourth straight session of gains and the strongest close since November 2007. The benchmark rose 0.5% on Wednesday.
Financial stocks, the largest sector in the ASX 200, closed 1% higher, with most support coming from the big four banks, which ended up more than 1%. Australia and New Zealand Banking Group led gains amongst its peers, adding more than 1.3% for the day.
Bucking the trend, mining stocks ended 0.5% lower, dragged primarily by profit taking in heavyweights BHP Group, Rio Tinto, and Fortescue Metals Group. New Zealand stocks ended at a third consecutive record close, driven by the local stocks of Australian banks. The benchmark S&P/NZX 50 index rose 0.1% or 13.85 points to finish the session at 10,558.28. Westpac Banking Corp's New Zealand shares ended 0.5% higher, while those of ANZ ended up 1.4%.
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