Australia: Shares jump 0.8% on rate cut expectations, NZ subdued

[SYDNEY] Australian shares rallied 0.8 per cent on Tuesday, as buyers were encouraged after the Reserve Bank of Australia (RBA) left the door wide open for another rate cut.

The S&P/ASX 200 index jumped 44.4 points to end at 5,842.1, pulling closer to a seven-year high touched early this month. The benchmark slipped 0.3 per cent on Monday.

The market was underpinned by across-the-board gains with the most notable moves from Karoon Gas, up 14 per cent on short covering. Sirtex Medical was the clear underperformer, tumbling by more than half following disappointing results from a cancer research study.

New Zealand's benchmark NZX 50 index struggled for traction, dipping 0.1 per cent or 5.9 points to finish the session at 5905.4. They touched an all-time peak on Monday.

REUTERS