Australian shares edged higher on Wednesday, rebounding slightly from their biggest one-day loss in three weeks in the previous session, drawing support from stronger financial stocks and despite weakness in resources.
The S&P/ASX 200 index (xjo) rose 0.1 percent or 4.77 points to 5116.2 by 0125 GMT. The benchmark fell 1.4 percent on Tuesday.
"The banks are covering off the weakness in materials and energy, which is not surprising given iron ore fell about 5 percent overnight - the sixth consecutive daily fall," said Chris Conway, head of research and trading at the Australian Stock Report.
Financials were the strongest sector, firming 0.22 percent, led by the Commonwealth Bank of Australia, which rallied nearly 1.5 percent. Shares in Australia and New Zealand Banking Group Ltd (ANZ) rose 0.6 percent, while National Australia Bank (NAB) and Westpac Banking Corp [WBKNZL.UL] both rose nearly 0.5 percent.
Strength in financials offset the mining sector's weakness as prices of key commodities fell. Shares in Rio Tinto Ltd (RIO) fell more than 1 percent, while BHP Billiton Ltd (BHP) fell more than 2 percent.
BHP Billiton Chief Executive Andrew Mackenzie said on Wednesday he saw iron ore prices falling, with oversupply set to keep them "lower for longer".
New Zealand's benchmark S&P/NZX 50 index (nz50) fell 0.19 percent or 12.63 points to 6,565.7 points. The benchmark closed up 0.17 percent on Tuesday when prices hit a record top of $6,607.86, the 12th consecutive daily gain and the longest rally since October, 2015.
Manufacturers of dairy products gained as global dairy prices sank at a fortnightly auction. Lower milk prices mean lower costs for companies which buy in milk.
A2 Milk (ATM) rose 1.84 percent and shares in Fonterra's (FCG) fund (FSF), which provides investor exposure to the farmer-owned dairy exporter, rose 0.15 percent
Paint and resin company Nuplex (NPX) lost 2.33 percent, Z Energy (ZEL) fell 1.64 percent and Fletcher Building (FBU) was down 1.44 percent.
Australian shares edged higher on Wednesday, rebounding...
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Last
$43.54 |
Change
0.520(1.21%) |
Mkt cap ! $133.3B | |||
| Open | High | Low | Value | Volume |
| $43.44 | $43.67 | $43.30 | $149.6M | 3.437M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 4251 | $43.54 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $43.59 | 30 | 1 |
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| Last trade - 16.10pm 12/09/2025 (20 minute delay) ? |
| NAB (ASX) Chart |