Australian shares end at over 11-year peak, NZ at record high

05 Jul, 2019

Australian shares ended at their highest level in over 11 years on Thursday as expectations of local and US interest rate cuts drew investors to riskier assets. The S&P/ASX 200 index rose 0.5% or 32.50 points to 6,718.0 by the close of trade, its fourth straight session of gains and the strongest close since November 2007. The benchmark rose 0.5% on Wednesday.
Financial stocks, the largest sector in the ASX 200, closed 1% higher, with most support coming from the big four banks, which ended up more than 1%. Australia and New Zealand Banking Group led gains amongst its peers, adding more than 1.3% for the day.
Bucking the trend, mining stocks ended 0.5% lower, dragged primarily by profit taking in heavyweights BHP Group, Rio Tinto, and Fortescue Metals Group. New Zealand stocks ended at a third consecutive record close, driven by the local stocks of Australian banks. The benchmark S&P/NZX 50 index rose 0.1% or 13.85 points to finish the session at 10,558.28. Westpac Banking Corp's New Zealand shares ended 0.5% higher, while those of ANZ ended up 1.4%.

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