By Colin Packham and Rebecca Howard
SYDNEY/WELLINGTON, April 12 (Reuters) - Australian shares rose more than 0.5 percent on Tuesday as stronger commodity prices and support for financials underpinned the benchmark, rebounding from a five-week low touched last week.
The S&P/ASX 200 index .AXJO rose 0.6 percent or 30.5 points to 4,961.1 by 0220 GMT. The benchmark rose 0.12 percent on Monday when the index rebounded from a five-week low of 4,893.5 hit late last week.
"The index was towards the low side of the range and I think that has encouraged some bargain buying," said Chris Conway, head of research and trading, Australian Stock Report.
Financials led the index higher, rising nearly 0.5 percent.
Shares in National Australia Bank Ltd NAB.AX , Australia and New Zealand Banking Group ANZ.AX and Macquarie Bank Ltd MBL.UL all rose more than 2 percent.
Analysts attributed the rise in financials, which have been under pressure, to technical buying.
Australia's resource companies rose on the back of stronger commodity prices.
Shares in Rio Tinto (LON:RIO) Ltd RIO.AX and BHP Billiton (LON:BLT) Ltd BHP.AX rose more than 2 percent, while Fortescue Metals Group Ltd FMG.AX rose nearly 1.5 percent.
The strength of resources, and recovery made by financials offset weakness in food stocks.
Shares in Blackmores Ltd BKL.AX fell nearly 4 percent as prices hit a near six-month low, while Bellamy's Australia Ltd BAL.AX fell more than 7 percent amid confusion about Chinese tightening of regulations on purchase of foreign goods online.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.2 percent or 15 points to 6.709.71 Tuesday, the third consecutive session of losses.
The biggest gainers were Orion Health Group OHE.NZ , which was up 9.5 percent on news it has inked deals to provide its services in England and Scotland.
The biggest losers included A2 Milk ATM.NZ , which shed 6.3 percent as investors continue to mull the risk of increased Chinese regulation.