Australia: Shares end higher after initial struggle; NZ slips

[SYDNEY] Australian shares ended 0.6 per cent higher on Wednesday, making a third straight day of gains as resources and energy-related shares took heart from a sharp rebound in oil prices overnight.

The S&P/ASX 200 index fell 0.6 per cent in late morning deals but recovered to finish 30.5 points higher at day's peak of 5,197.9. The benchmark rose 0.3 per cent on Tuesday.

Energy stocks were top winners on the index with LNG , Santos and Origin surging by between 10 per cent and 21.6 per cent.

Major banks rebounded in late trade, with ANZ Banking and NAB both up 0.9 per cent.

The benchmark is now up 2.9 per cent for the week, on track for its best weekly performance since July 17.

New Zealand's benchmark NZX 50 index fell 0.3 per cent, or 18.08 points, to finish the session at 5,650.03.

REUTERS