News: BTT Australian and New Zealand shares join global rally as Brexit shock fades

SYDNEY/WELLINGTON, June 29 (Reuters) - Australian and New Zealand shares rallied on Wednesday, as global markets found their footing after the Brexit shock, with the Australian market gaining 0.68 percent and NZ stocks adding 1.09 percent.

The S&P/ASX 200 index (xjo) rose 34.63 points to 5,137.9 by 0133 GMT. Miners and financials led the gains.

The S&P 500 <.SPX> bounced 1.8 percent overnight after two days of hefty losses in the wake of Britain's vote to leave the European Union.

"There's a view that Brexit isn't going to damage every single sector of the Australian economy," said Aurora Funds Management senior portfolio manager Hugh Dive.

"There's also a view that we are going to see a rate cut in Australia and a view that we are going to see the Fed cutting back in the U.S."

U.S. Federal Reserve Governor Jerome Powell said the Brexit result had shifted global risks "to the downside".

BT Investment Mangement (BTT) shares added 6.24 percent on Wednesday, recouping some of the stock's heavy losses since Friday, which may have been as much as 27 percent of its value.

Australia's Big Four banks all climbed, led by Australia and New Zealand Banking Group (ANZ), which rose 1.55 percent. National Australia Bank (NAB) gained 1 percent, Westpac Banking Corporation (WBC) added 0.95 percent and Commonwealth Bank (CBA) added 0.6 percent.

Miners BHP Billiton Ltd (BHP) and Rio Tinto (RIO) rose on a five-week high for the iron ore price, with BHP stocks gaining 1.9 percent and Rio stocks adding 2.04 percent.

Australian health, telco and energy stocks all rose, led by Origin Energy (ORG) which added 2.94 percent and Caltex (CTX), which rose 3.14 percent, its largest intra-day gain since December, on news of a positive profit outlook.

Utilities dragged, however, with Duet Group (DUE) losing 2.8 percent and APA Group (APA) shares falling 1.67 percent.

New Zealand's benchmark S&P/NZX 50 index (nz50) rallied 1.09 percent or 73.11 points to 6,789.69 on Wednesday as the market tracked a global equities bounce-back from the heavy losses caused by Brexit.

Accounting software company Xero (XRO) led gains, rising 5.38 percent after the firm, which earns almost a fifth of its revenue in the United Kingdom, dropped 8 percent in the wake of the "leave" vote.

A2 Milk (ATM) rose 4 percent and Property Industries (PFI) rose 2.86 percent.

Energy companies also gained with Meridian Energy (MEL) up 3.2 percent and Genesis Energy (GNE) rising 2.6 percent.

Shares in Fonterra's (FCG) fund (FSF), which provides investor exposure to the farmer-owned dairy exporter, rose 0.75 percent.

Telecommunications company Spark (SPK) led losses, edging down 0.57 percent.