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Australia: Shares rise for 4th day, NZ at new record, on political relief

Tuesday, July 12, 2016 - 14:27
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[SYDNEY] Australian shares rose for a fourth straight session on Tuesday as investors cheered the end of political roadblocks in Britain and at home, while New Zealand stocks nudged further into record territory.

The S&P/ASX 200 index climbed 0.3 per cent, or 16.09 points, to 5353.20 at the close of trade. The benchmark continued to build on gains from last week.

New Zealand's benchmark S&P/NZX 50 index gained 0.24 per cent or 17.01 points to finish the session at a record high of 7079.46.

Britain's ruling Conservative Party elected Theresa May prime minister, filling a leadership vacuum created by David Cameron last month when he resigned after the surprise vote to leave the European Union.

Australian Prime Minister Malcolm Turnbull meanwhile held on to power at the weekend when election counters determined he won a knife-edge election after more than a week of counting.

REUTERS