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Australia: Shares buoyed by miners and real estate stocks

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Australian shares ended higher on Wednesday as large mining stocks continued to benefit from stronger commodity prices, while a surge in real estate stocks also lent support.

[SYDNEY] Australian shares ended higher on Wednesday as large mining stocks continued to benefit from stronger commodity prices, while a surge in real estate stocks also lent support.

The S&P/ASX 200 index rose 0.5 per cent or 32.30 points to 6,685.50 at the close of trade. The benchmark rose 0.1 per cent on Tuesday.

Miners BHP Group and Rio Tinto, the two heaviest stocks on the index, ended 0.1 per cent and 0.6 per cent higher, respectively. The two have been on a tear in recent sessions, tracking large gains in iron ore prices.

Goodman Group and Scentre Group, some of the largest real estateĀ stocksĀ in the country, closed 3.1 per cent and 1.5 per cent higher after an interest rate cut by the Reserve Bank pointed to easier property lending conditions.

New Zealand stocks closed at a second consecutive record high, although gains appeared to be running out of steam.

The benchmark S&P/NZX 50 index rose 0.1% or 12.490 points to finish the session at 10,544.430.

REUTERS