Australia: Shares close higher as banks reverse losses

[SYDNEY] Australia's share market closed higher for a fifth session on Wednesday as the major banks bounced back from early declines in a sign that demand for high-yielding stocks was still strong.

The S&P/ASX 200 index was a touch higher at 5,551.6, having climbed a four-month peak. Earlier, the benchmark index fell as much as 0.5 per cent.

Commonwealth Bank erased losses to hit an all-time high of A$87.97, surpassing the previous peak of A$87.65 set on Tuesday.

New Zealand's benchmark NZX 50 index rose 1.0 per cent, or 57.1 points to finish at an record closing high of 5,794.8.

REUTERS