Australian shares rose the most in six weeks on Wednesday as rebounding commodity prices lifted mining stocks, while New Zealand stocks climbed to a record high. Australia's S&P/ASX 200 index advanced 79.1 points, or 1.6 percent, to 5,054.7 by the close of trade, its biggest percentage gain since March 2. The benchmark is still down 4.6 percent so far this year.
New Zealand's benchmark S&P/NZX 50 index gained 51.9 points, or 0.8 percent, to record high of 6,777.9. New Zealand stocks scaled an all-time peak on Wednesday, while a solid rally in mining shares helped lift the Australian market to its highest in more than a week.
Upbeat trade data from China, which saw exports returning to growth for the first time in nine months, combined with an overnight rally in oil prices kept investors happy. Traders said investors were looking for higher returns, given record low interest rates and expectations for more easing from the Reserve Bank of New Zealand. "The (stock) price rises are very much interest-rate driven, with investors switching from fixed interest and term deposits into the market," said Grant Williamson, broker at Hamilton Hindin Greene. Among the top performers, accounting software company Xero jumped 4.2 percent while Sky TV put on 3.7 percent. Fletcher Building advanced 3.4 percent. A2 Milk rose 1.1 percent as bargain-hunters emerged after the milk company lost 6.3 percent in the previous session.