News: NAB Australian, NZ shares cheered by Sino-U.S. trade optimism

(Updates to close)

Oct 22 (Reuters) - Australian shares advanced on Tuesday on signs that Washington and Beijing had made some headway in resolving a protracted trade row, while miners also benefited from a strong tailwind of higher commodity prices.

The S&P/ASX 200 index (xjo) tacked on 0.3%, or 19.70 points, to 6,672.20, having ended flat the previous day.

Sentiment improved as China's Vice Foreign Minister Le Yucheng on Tuesday said the two countries have achieved some progress in their trade talks, a day after U.S. President Donald Trump made equally positive comments on the prospects for ending the dispute.

The mining subindex .AXMM rose 1% with BHP Group (BHP) and Rio Tinto (RIO) , the largest miners on the benchmark, adding about 1.2% and 1.5%, respectively.

The uptick was underpinned as supply concerns bolstered prices of iron ore and copper.

Financial stocks .AXFJ got a lift from National Australia Bank (NAB) adding 0.5% and Australia and New Zealand Banking Group (ANZ) pulling 0.4% ahead.

Wealth manager AMP Ltd (AMP) jumped 2.3% and closed at a 3-week high after its funds management arm announced a $6.2 billion fund raising.

Energy stocks .AXEJ gained after two sessions of declines as oil prices steadied. Beach Energy (BPT) added 1.7%, while Viva Energy Group (VEA) rallied 4.6%.

Elsewhere the business outlook and earnings swayed some of the trading. Among them was Oil Search (OSH) , which declined 1% after it cuts its 2019 production outlook.

Hearing aid maker Cochlear Ltd (COH) tumbled 5.5% as the company flagged a lower earnings per share target at its annual general meeting.

Super Retail Group (SUL) plunged 8.6% and was the worst performer on the ASX benchmark after the company flagged lower margins from increased promotional activities.

Retail financial services provider McMillan Shakespeare (MMS) fell 4.3% as it signalled challenging market conditions.

New Zealand's benchmark S&P/NZX 50 index (nz50) rose 0.3% to 11,090.39.

Fonterra (FSF) (FCG) advanced 1.3%, after the dairy giant increased the 2019-2020 guidance range for the price it pays farmers to procure milk.