Australian shares rose just 0.2 percent on Wednesday, giving up most early gains as anxious investors awaited the outcome of the US Fed's policy meeting later in the day. Expectations that the Fed may extend its long-term bond-buying programme to stimulate the economy helped shore up metals prices and the Aussie dollar. The benchmark S&P/ASX 200 index rose 9 points to 4,132.4, according to the latest data, off a session high of 4,159.3.
New Zealand's benchmark NZX 50 index fell 1 percent to 3,444.8 points, led down by a 6.2 percent drop in Fisher & Paykel Healthcare as it traded without rights to its dividend. The media sector got a lift when billionaire Rupert Murdoch's News Corp offered A$1.97 billion for Consolidated Media to expand in pay TV, sending shares of the target up 9.7 percent to A$3.38.
A sale of Consolidated Media would build top shareholder and billionaire James Packer's war chest for a potential tilt at Echo Group, owner of Sydney's Star casino. Echo's shares rose 0.7 percent to A$4.28. News Corp rose 0.5 percent to A$20.15.