March 9, 2016 / 6:13 AM / 2 years ago

Australia shares resume rally, NZ hits record on bargain hunting

(Updates to close)

SYDNEY, March 9 (Reuters) - Australian shares closed up nearly 1 percent on Wednesday, more than making up the previous day’s losses to reach a 2-month high, while New Zealand stocks hit a fresh record, as investors shrugged off weaker oil prices and sought bargains.

The S&P/ASX 200 index gained 49.2 points to end the day at 5,157.2, its highest since Jan. 5. A day earlier, the benchmark index had closed down 35 points to snap a six-day winning streak.

New Zealand’s benchmark S&P/NZX 50 index firmed 10.5 points, or 0.2 percent, to finish the session at 6,457.3, its fifth day in a row of hitting a record. (Reporting by Byron Kaye; Editing by Savio D‘Souza)

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