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Australia: Shares end at record high on trade boost; NZ gains

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Australian shares hit their highest close ever on Wednesday, with mining stocks leading the rally, as investors factored in the growing likelihood of an interim China-US trade deal.

[SYDNEY] Australian shares hit their highest close ever on Wednesday, with mining stocks leading the rally, as investors factored in the growing likelihood of an interim China-US trade deal.

US President Donald Trump said on Tuesday that United States and China are close to an agreement on the first phase of a trade deal, after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.

Australia's benchmark S&P/ASX 200 index closed at 6,850.60, up 0.9 per cent or 63.1 points, extending gains for a fourth consecutive session.

One of the greatest beneficiaries of easing hostilities with China - Australia's biggest trading partner - are mining stocks, which ended 1.3 per cent firmer.

Global miners BHP Group and Rio Tinto closed up 1.2 per cent and 1.1 per cent, respectively.

In New Zealand, its benchmark S&P/NZX 50 index closed 0.7 per cent higher at 11,120.81.

REUTERS

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