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Australia: Shares bounce on M&A deal

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Australian shares posted solid gains for the second straight day on Wednesday, with banks and miners leading the way as investors hoped Beijing's efforts to stabilise its ailing stock markets were starting to pay off.

[SYDNEY] Australian shares bounced off two-week lows on Tuesday as rising United States index futures firmed, while Woodside Petroleum US$8 billion takeover approach for Oil Search boosted confidence in energy stocks.

The S&P/ASX 200 index gained 84.8 points to 5,115.2 at the close of trade. It jumped 1.7 per cent, the biggest daily gain in two weeks. The benchmark eased 0.2 per cent on day.

REUTERS

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