Australia: Shares at 2-month peak; NZ at fresh record high

[SYDNEY] Australian shares rallied for the ninth straight session on Wednesday to a 2-month high in holiday-thinned trade, largely led by late buying in some resource stocks.

The S&P/ASX 200 index closed up 1 per cent, or 52.56 points, at 5,319.9. The benchmark climbed 1.15 per cent in the previous session to touch a 1-month high.

All sectors participated in the rally with miners Fortescue and Oz Minerals ending 1.4 per cent and 2 per cent higher, respectively.

Major miner Rio Tinto erased early losses to end flat while BHP Billiton pared losses to end down 0.1 per cent.

The index is posting its longest winning streak since late January, and is also on track for its best quarterly performance since the first quarter. But it would need a very strong showing on the last day of the year on Thursday to end 2015 in positive territory.

New Zealand joined the party with the S&P/NZX 50 index hitting another record high of 6,333.33 points. The benchmark has gained 13.5 per cent so far this year in contrast to its Australian cousin, which is down 1.7 per cent.

The NZX50 ended at a record closing high of 6,319.39, up 0.4 per cent or 26.95 points.

REUTERS