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Australia shares end up as CBA result boosts banks, NZ slips

05_2016 - AUSTRALIA STOCK MARKET.jpg

[SYDNEY] Australian shares clawed back early losses and ended higher on Monday as upbeat quarterly results from Commonwealth Bank of Australia boosted financial stocks, while New Zealand stocks edged lower.

After dipping as much as 0.5 per cent, the S&P/ASX 200 index reversed course to close up 28.7 points, or 0.5 per cent, at 5,320.7. The benchmark has gained 8 per cent in the past month.

Commonwealth Bank ended up 1.9 per cent.

New Zealand's benchmark S&P/NZX 50 index slipped 13.1 points, or 0.2 per cent, to 6,885.1, close to the 6,906.1 closing high it reached on April 21.

REUTERS