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Banks, commodities lead Australian shares higher; NZ also rises

Published 27/11/2018, 05:29 pm
Banks, commodities lead Australian shares higher; NZ also rises
AXJO
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BHP
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STO
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HG
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LCO
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CL
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AXMM
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AXEJ
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AXFJ
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ATM
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RYM
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* BHP gains on new mineral deposits find, boosts benchmark

* Bank regulator extends deadline on new capital rules

* NZ boosted by consumer and healthcare stocks (Updates to close)

Nov 27 (Reuters) - Australian shares ended higher on Tuesday, with financial stocks leading gains on the benchmark after the banking regulator gave lenders more time to implement new capital rules on loans.

U.S. stocks rebounded after last week's massive sell-off but risk appetite was spoiled across Asia when U.S. President Donald Trump said he expects to move ahead with China tariffs, just a few days before he is to meet Chinese President Xi Jinping at the G20 summit starting Nov 30. MKTS/GLOB .N

The S&P/ASX 200 index .AXJO climbed 1 percent or 56.7 points to 5,728.30 at the close of trade after falling 0.78 percent on Monday.

Financial stocks .AXFJ , were the biggest boost to the index, rising nearly 1.5 percent.

They cheered the decision of Australia's banking regulator to extend the deadline for implementing new capital rules on some loans to Jan 1, 2022, after lenders raised concerns about the impact on their competitiveness against foreign rivals. 'Big Four' banks rose between 1.1 and 2.1 percent.

Metals and mining stocks .AXMM were supported by heavyweight BHP Group Ltd BHP.AX which gained 1.5 percent after announcing it had found new mineral deposits under its copper operation in South Australia. stocks .AXEJ also contributed to gains, rising about 0.7 percent on the back of a modest recovery in Brent Crude oil futures. O/R

Sector heavyweight Santos Ltd STO.AX rose 2 percent after completing the acquisition of Quadrant Energy on Tuesday. Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.13 percent to finish the session at 8,673.82, boosted by gains in consumer and healthcare stocks.

Dairy firm a2 Milk Company Ltd ATM.NZ rose nearly 2 percent, while retirement village operator Ryman Healthcare Ltd RYM.NZ rose 1.6 percent.

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