Australia: Shares gain for fifth session; New Zealand eyes RBNZ decision

[BENGALURU] Australian shares rose for a fifth straight session on Wednesday following gains in financial and energy stocks, while New Zealand stocks inched up ahead of the outcome of the central bank's meeting due later in the day.

The Australian benchmark S&P/ASX 200 index rose 1.3 per cent to 6,340.5 by 2330 GMT.

Shares of travel-related companies and airlines extended gains on a swifter-than-expected economic recovery hopes. Qantas Airways, Sydney Airport Holdings and Webjet climbed.

"Investors anticipate a lift in economic activity and a swing back to physical businesses, judging by their support for travel, consumer, financial, materials and energy stocks", said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking.

The energy index jumped more than 3 per cent, hitting its highest since Aug 20 after crude gained overnight.

Australia's top independent gas producer Woodside Petroleum rose after it reaffirmed that its Scarborough and Pluto Train 2 liquefied natural gas project is on track for a final investment decision in the second half of 2021.

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Rising more than 2 per cent, financial stocks hit an eight- month high. The country's largest bank Commonwealth Bank of Australia climbed as much as 2.8 per cent, even as its first-quarter cash profit fell 16 per cent.

Miners jumped over 1 per cent on higher iron ore prices.

Mining giants BHP Group and Rio Tinto gained nearly 2 per cent each.

Gold stocks, however, slipped 2.3 per cent, with heavyweights Evolution Mining and Newcrest Mining trading lower.

In New Zealand, the S&P/NZX 50 rose 0.3 per cent to 12,653.1 ahead of a central bank meeting, where it is seen holding the official cash rate at 0.25 per cent and leave the quantitative easing programme untouched, as per a Reuters poll.

Satellite television and media streaming firm SKY Network Television was the top percentage gainer on the benchmark after raising its fiscal 2021 revenue and profit forecast.

REUTERS