(Updates to close)
May 10 Australian shares ended higher on
Wednesday, reversing some of the losses made earlier in the day,
after rising oil prices lifted mining giant BHP Billiton, while
an uptick in base metals and gold supported stocks in those
The S&P/ASX 200 index rose 0.6 percent, or 35.5
points, to 5,875.4 at the close of trade.
Gains on the index were driven by BHP Billiton,
which advanced 1.6 percent after oil futures rose in Asian
trading following a Reuters report on Saudi Arabia cutting
supplies to the region.
Among other miners, Rio Tinto Ltd and Fortescue
Metals Group climbed 2.1 percent and 5.1 percent
respectively after Shanghai steel futures rose for a third
straight day on Wednesday, supported by worries over tighter
Newcrest Mining and Northern Star Resources
rose 1.9 percent and 4.1 percent respectively after
gold prices edged up from an eight-week low.
The financial index added on 0.2 percent as
investors pondered a new levy imposed on Australia's biggest
banks by the government in its budget proposals unveiled late on
"I think there is a little bit of technical buying in
there... People have moved past yesterday's lows and are
increasing their exposure towards the banking sector," said
Chris Weston, an institutional dealer at IG Markets.
New Zealand's benchmark S&P/NZX 50 index edged up
0.2 percent, or 12.08 points to finish the session at 7,424.2.
The consumer staples sector led the gains after news
Zealand's electronic retail card spending rose 1.1 percent in
April, while overall sales rose 4.5 percent from the same month
a year ago.
Heartland Bank was the biggest gainer on the index,
advancing 3.4 percent to hit a record closing high.
(Reporting by Shashwat Pradhan in Bengaluru; Editing by Eric