Australian shares declined on Wednesday as weakness in miners and financials dragged on the broader market, while New Zealand stocks edged closer to all-time highs. The S&P/ASX 200 index fell 24.3 points, or 0.5 percent, to 5,142.3 at the close of trade. The benchmark has been clawing back its losses after its worst start to a calendar year in decades but is still down 3 percent this year.
New Zealand's benchmark S&P/NZX 50 index added 4.6 points, or 0.1 percent, to finish the session at 6,668.9, its fourth record close in a row. "The market needs new news to generate further upside and we need some hard hitting news to push it down because we have had some bearish news recently," said Chris Weston, chief market strategist, IG Markets. "We are in this key juncture in terms of price action." Financials led the benchmark down, falling 0.26 percent as several of Australia's largest banks came under pressure. Shares in National Australia Bank Ltd fell more than 1.5 percent, while Westpac Banking Group Corp and Commonwealth Bank of Australia each fell nearly 0.5 percent.