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Australia: Shares bounce off 7-month lows on bargain hunting

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Australian shares bucked a poor performance by Wall Street to edge 0.6 per cent higher on Thursday, aided by a hunt for dividend yield and more merger action.

[SYDNEY] Australian shares rallied 1.5 per cent on Wednesday with gains across the board as bargain hunters picked up banks and resources stocks.

The S&P/ASX 200 index added 77.05 points to 5,380.2 at the close of trade, having recovered from a seven-month trough touched on Tuesday.

New Zealand's benchmark NZX 50 index rose 0.7 per cent or 39.26 points to finish the session at 5,750.03.

REUTERS