Australia: Shares rise on quick rebound hopes, New Zealand up ahead of rate decision

[BENGALURU] Australian shares rose on Wednesday, tracking a stronger Wall Street, as hopes for a quick economic recovery persisted following an improvement in data from the United States and an upbeat commentary from domestic regulators.

The S&P/ASX 200 index rose 0.26 per cent to 5,969.7 in early trade, on track for its third straight session of gains. On the Wall Street, main indexes climbed between 0.43 per cent and 0.74 per cent.

Market sentiment was upbeat on the US reporting higher May sales of new homes and a slowing contraction in its manufacturing and services sectors in June, and on comments from Australia's main financial regulators that they saw signs of an economic recovery.

Back home, technology shares rose 1.18 per cent following their Wall Street peers.

The subindex was led by Afterpay, up 2.75 per cent, after it said on Tuesday its Clearpay division had reached more than one million active shoppers in the United Kingdom.

The metals and mining index rose 0.73 per cent, led by Ioneer's 13.04 per cent jump after it said it was in talks with multiple parties regarding the funding of its Rhyolite Ridge Lithium-Boron Project.

Gold stocks rose 1.7 per cent, led by Bellevue Gold that rose 8.9 per cent.

Bullion prices rose after the US dollar weakened and on hopes of more monetary stimulus packages by central banks.

The number of issues on the ASX that advanced were 463, while 212 declined.

New Zealand's benchmark S&P/NZX 50 index rose 0.66 per cent to 11,206.6 ahead of a central bank policy decision.

The Reserve Bank of New Zealand is expected to hold rates steady, but strike a dovish tone.

REUTERS