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Australia shares post third weekly gain on rate cut hopes, NZ at new record
July 29, 2016 / 6:46 AM / a year ago

Australia shares post third weekly gain on rate cut hopes, NZ at new record

(Updates to close)

SYDNEY, July 29 (Reuters) - Australian shares edged to their highest close in a year on Friday, securing a third straight week of gains, as hopes of a rate cut kept investors interested in the lead-up to earnings season, while New Zealand stocks hit a fresh record close. nL4N1AF1QI]

The S&P/ASX 200 index added 5.7 points, or 0.1 percent, to 5,562.3 at the close of trade, its highest since Aug. 6, 2015. The benchmark rose 1.2 percent for the week.

New Zealand’s benchmark S&P/NZX 50 index rose 41.8 points, or 0.6 percent, to finish the session at 7,348.1. It was up 1.7 percent for the week, its fifth consecutive weekly gain. (Reporting by Byron Kaye; Editing by Kim Coghill)

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