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Australia, NZ: Shares fall amid rate cut, oil price drop

3_38837714 - 24_06_2016 - AUSTRALIA-BRITAIN-EU-STOCKS-VOTE.jpg

[SYDNEY] Australian and New Zealand shares took a hit on Tuesday amid falling oil prices and a rate cut by the Reserve Bank of Australia that dragged down banking stocks.

The S&P/ASX 200 index dropped 0.84 per cent, or 46.89 points, to 5,540.50 at the close of trade after Australia's central bank cut its cash rate a quarter point to an all-time low of 1.5 per cent.

New Zealand's benchmark S&P/NZX 50 index slipped by 0.37 per cent, or 27.43 points, to finish the session at 7,329.20.