October 5, 2016 / 9:26 PM / a year ago

Australian shares set to recover, NZ edges down

Oct 6 (Reuters) - Australian shares are expected to regain
some ground on Thursday, mirroring Wall Street, after oil prices
advanced to June highs.
    Oil prices settled up about 2 percent on Wednesday after the
fifth unexpected weekly drawdown in U.S. crude inventories added
to support amid hopes major producers will agree to cut output
next month. 
    The local share price index futures rose 0.5
percent to 5,458, a 5.1-point premium to the underlying S&P/ASX
200 index close. The benchmark rose 31.1 points or 0.57
percent to 5,452.9 at the close of trade.
    New Zealand's benchmark S&P/NZX 50 index fell for a
third straight session, sliding 0.1 percent to 7,263.56 in early
trade.
    
For a summary of overnight action across global markets, double
click on 
       
For a digest of the day's business stories in Australian 
newspapers, double click on 

 (Reporting by Justin George Varghese in Bengaluru; Editing by
Chris Reese)

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