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Australia shares enjoy best day this year after Dow record; NZ climbs
July 4, 2017 / 6:48 AM / 4 months ago

Australia shares enjoy best day this year after Dow record; NZ climbs

(Updates to close)

July 4 (Reuters) - Australian shares rose on Tuesday in a broad-based rally driven by financials, posting their biggest percentage gain since November, after the Dow hit an intraday record overnight, with gains in oil prices boosting sentiment.

The S&P/ASX 200 index jumped 1.8 percent, or 99.31 points, to 5,783.80 at the close of trade. The benchmark had slipped 0.6 percent on Monday.

All benchmark sectors were in the black, with advancing issues outnumbering declining ones by a 11.2-to-1 ratio.

Financials drove the gains, with the Big Four banks - Westpac, Commonwealth Bank of Australia, National Australia Bank and Australia New Zealand Banking - all up more than 1.8 percent.

Aussie lenders were also buoyed by news that opposition lawmakers in the state of South Australia vowed to block a state-based bank tax, a win for the lenders left reeling when the government unexpectedly unveiled a levy in its annual budget.

Energy stocks saw strong support after oil rose more than 2 percent on Monday, resuming its longest stretch of daily gains in more than five years.

Among energy stocks, Beach Energy advanced 3.4 percent and Caltex Australia Ltd was up 3 percent.

The benchmark showed little reaction to Australia’s central bank holding interest rates at a record low 1.50 percent.

New Zealand’s benchmark S&P/NZX 50 index rose 0.4 percent or 32.21 points to finish the session at 7,620.64.

The gains were driven by Spark New Zealand, which surged 3.6 percent. (Reporting by Shashwat Pradhan in Bengaluru; Editing by Richard Borsuk)

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