June 3, 2020 / 1:48 AM / a month ago

Australian, NZ shares gain on prospects of swift economic rebound

June 3 (Reuters) - Australian shares rose on Wednesday, boosted by energy and financial stocks, as prospects of a swift global economic recovery from the coronavirus-induced collapse in world growth widened investor appetite for riskier assets.

Fresh government stimulus globally also helped overshadow a host of other worries from the coronavirus to Hong Kong and growing U.S. civil unrest.

Australia is working on plans for a gas-driven recovery from COVID-19 that will help the country adapt to a low-carbon future, with the conservative government tiptoeing away from its vocal support for coal.

The S&P/ASX 200 index rose 1.01% to 5,893.8 points by 0104 GMT. The benchmark ended 0.3% firmer on Tuesday.

The top percentage gainers on the benchmark index were Skycity Entertainment Group Ltd, up 9.21%, followed by Unibail-Rodamco-Westfield SE, gaining 8.56%.

Firmer oil prices propelled a 2.35% gain among energy stocks, with Whitehaven Coal Ltd climbing 5.49% and Worley Ltd jumping 4.67​%.

Brent crude futures rose 1.72% to $40.25 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 2.39% to $37.69 per barrel.

Financial stocks rose 1.83% with the “Big Four” banks climbing between 1% and 2.7%.

Miners also traded in the black with a 0.5% gain, led by Syrah Resources Ltd and South32 Ltd climbing 8.62% and 5.94​%, respectively.

Gains were capped by a 4.2% decline in gold stocks with shares of Tribune Resources Ltd, down 11.27%, followed by Perseus Mining Ltd losing 10.07%.

About 812 issues on the ASX advanced, while 482 declined as a 1.7-to-1 ratio favored advancers.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.83% to 11,125.3.

The top percentage gainers on the benchmark were Vista Group International Ltd, up 14.63%, followed by Tourism Holdings Ltd gaining 9.14%.

Reporting by Shreya Mariam Job in Bengaluru, Editing by Sherry Jacob-Phillips

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