Australian shares closed higher on Thursday, powered by financial stocks, as investors kept an eye out for US economic data expected later in the day for further cues. Investors are waiting for a range of indicators, including the third revision of US third-quarter gross domestic product, to gauge the strength of the economy. The S&P/ASX 200 index extended gains into a fourth straight session, climbing 0.5 percent, or 30.43 points, to 5,643.9 at the close of trade.
The "Big Four" banks closed up 0.8 percent to 1.4 percent. Sentiment was boosted by expectations that Australian companies' profits are likely to grow in the fiscal year ending June 2017, following two straight years of declines. Retail giants Wesfarmers and Woolworths gained 0.8 percent and 1.5 percent respectively. New Zealand's benchmark S&P/NZX 50 index rose for a fifth straight day, gaining 0.7 percent, or 49.1 points, to finish the session at 6,851.87. Trustpower Ltd rose 2.2 percent while NZX Ltd closed 2 percent higher.