Australia: Shares hit highest since early 2016, NZ shares top record

[SYDNEY] Australian shares climbed 1 per cent on Tuesday, reaching their highest level since early January as buoyant iron ore prices lifted miners, while New Zealand shares extended a record-setting run.

The S&P/ASX 200 index rose by 1 per cent, or 51.75 points, at the close of trade. It hit 5,219 points intraday which was its highest since Jan 5. The benchmark fell 0.4 per cent on Monday.

Prices for Shanghai steel jumped nearly 6 per cent as brisk seasonal demand in top market China drove down inventories of construction steel products. BHP Billiton and Fortestcue gained more than 5 per cent.

New Zealand's benchmark S&P/NZX 50 index edged up 0.3 per cent, or 21.84 points, to finish the session at 6873 points, posting the latest record high at 6873.04.

REUTERS