(Updates to close)
April 11 Australian shares finished at a fresh
two-year high on Tuesday, as a rally in global oil prices
continued to push energy stocks higher.
The S&P/ASX 200 index ended 0.3 percent up, or
16.416 points, to 5,929.3.
The benchmark rose 0.9 percent up on Monday.
Crude oil climbed to a five-week high on Tuesday,
underpinned by a shutdown at Libya's largest oilfield over the
weekend and on uncertainty over Syria.
The Libyan outage added fuel to a rally that started late
last week after the United States fired missiles at a Syrian
government air base.
Australia's energy index rose for a third straight
day and closed at its highest level in 19 months.
Woodside Petroleum Ltd was the sub-index's top
gainer, adding 1.7 percent.
The mining sector benchmark, on the other hand,
slipped 0.5 percent, weighed down by heavyweight BHP Billiton
which fell 1.2 percent.
BHP Billiton rejected a plan by activist shareholder Elliott
Advisors to scrap the miner's dual company structure, split off
its oil business and return more cash to investors, saying the
costs would outweigh any benefits.
Elliott outlined the proposals in a letter to directors at
BHP, adding the world's biggest miner to a string of firms where
it has lobbied for action to boost shareholder returns.
Financials outperformed other sectors, with the index
at its highest in over a week. The "Big Four" banks
gained between 0.4 percent and 1.2 percent.
New Zealand's benchmark S&P/NZX 50 index rose 0.2
percent, or 15.52 points to finish the session at 7,254.38.
Healthcare stocks and materials led the gains.
(Reporting by Christina Martin in Bengaluru; Editing by Richard