News: WBC Australia shares hit 1-mth lows as banks stumble, NZ up slightly

• Australian banks under pressure on concerns over rising bad debt
• Health stocks also underperform
• NZ market continues to rise, rate easing expectations help

Australian shares slumped to one-month lows on Tuesday, pressured by losses in the financial sector on concerns over rising bad debt, while the New Zealand market edged up slightly.

Australia's S&P/ASX 200 index (xjo) was down 0.8 percent, or 41.1 points, at 5,043.1 by 0158 GMT.

The index hit a low of 5,040.500 earlier, levels not seen since March 3, although it's still up 3.5 percent this month thanks to fading expectations the Federal Reserve will resume raising rates soon.

Banking stocks were a major drag on the index, led by a 3 percent drop in Australia and New Zealand Banking Group (ANZ) shares (ANZ). ANZ fell to a one-month low, having been hit hard since last week's revelation that bad debts were rising.

Commonwealth Bank (CBA), Westpac Banking Corp (WBC) and National Australia Bank all fell between 1.5 percent and 2.2 percent.

Health stocks also came under pressure with the index .AXHJ down 1.5 percent. The sector has been clouded by rising operating costs.

New Zealand's benchmark S&P/NZX 50 index (nz50) gained 23.620 points, or 0.4 percent, to 6,686.17, a whisker away from Thursday's record high of 6,692.09.

The index has leapt 7.3 percent so far in March, which if sustained would mark the biggest monthly gain since 2009.

Analysts say an interest rate cut by the Reserve Bank of New Zealand (RBNZ) earlier in the month and expectations of more policy easing have helped underpin appetite for stocks.

Local units of Australian banks led gains, with ANZ (ANZ) rising 4.3 percent and Westpac (WBC) up 1.7 percent.

Property companies also advanced, with Kiwi Property (KPG) rising 1.1 percent and industrial property investment company Property for Industry (PFI) up 0.9 percent.

Health software provider Orion Health Group (OHE) led losses, falling 1.6 percent, while consumer goods retailer Warehouse Group (WHS) lost 0.7 percent.

Veritas Investments (VIL) plummeted 14.81 percent after the investment company announced its joint venture partners were winding down one of its food production companies.