Australian shares posted broad-based gains led by mining stocks on Wednesday but banks fell after the country's competition watchdog laid charges against top lender Australia and New Zealand Banking for alleged cartel behaviour.
The S&P/ASX 200 index ended 0.5 percent higher or 30.2 points to 6,025.1. The benchmark closed 0.5 percent lower on Tuesday. Sentiment was helped by data showing Australia's economy grew at its fastest annual pace in almost two years, with 3.1 percent growth in the March quarter.
Materials were the star performers with mining stocks rising 1.8 percent, supported by strength in global iron ore and metal prices. Bloomberg cited sources saying bids from a consortia of bidders valued BHP's shale unit at up to $9 billion.
Mining heavyweights BHP Billiton Ltd and Rio Tinto Ltd each closed about 2 percent and 2.5 percent firmer. New Zealand's S&P/NZX 50 index was up 0.6 percent or 56.41 points to 8813.45 and closed at yet another record after having marked one in the previous session.