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  1. Australia shares snap 4 days of losses as banks firm; NZ down

Australia shares snap 4 days of losses as banks firm; NZ down

Australian shares recovered from four-straight sessions of losses on Wednesday, boosted by financial stocks, as expectations rose of the country's 30-year bond debut drawing strong demand.

By: | Published: September 14, 2016 2:48 PM
The S&P/ASX 200 index inched higher, finishing up 19.92 points, or 0.4 percent, at 5,227.7. (Reuters) The S&P/ASX 200 index inched higher, finishing up 19.92 points, or 0.4 percent, at 5,227.7. (Reuters)

Australian shares recovered from four-straight sessions of losses on Wednesday, boosted by financial stocks, as expectations rose of the country’s 30-year bond debut drawing strong demand.

The S&P/ASX 200 index inched higher, finishing up 19.92 points, or 0.4 percent, at 5,227.7.

The “Big Four” banks gained between 0.6 percent to 1.5 percent.

Telecoms giant Telstra Ltd reversed losses to close 2.6 percent higher in what is its biggest daily percentage gain since early May.

The world’s largest standalone winemaker Treasury Wine Estates extended gains to rise 1.8 percent, while retail giant Wesfarmers climbed more than 1 percent.

Mining giants BHP Billiton Ltd and Rio Tinto Ltd slipped 1 percent and 1.3 percent, respectively.
New Zealand’s benchmark S&P/NZX 50 index ended weaker for a fifth straight session, falling 0.5 percent or 38.51 points to 7,210.72.

Utilities and industrials were the biggest drag on the benchmark index.

Power generation company Meridian Energy was the biggest loser on the index, falling more than 3 percent, hurt by weak retail sales volumes in August which fell 4.5 percent year-on-year.

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