(Updates to close)
SYDNEY, May 9 (Reuters) - Australian shares clawed back early losses and ended higher on Monday as upbeat quarterly results from Commonwealth Bank of Australia boosted financial stocks, while New Zealand stocks edged lower. dipping as much as 0.5 percent, the S&P/ASX 200 index .AXJO reversed course to close up 28.7 points, or 0.5 percent, at 5,320.7. The benchmark has gained 8 percent in the past month.
Commonwealth Bank CBA.AX ended up 1.9 percent.
New Zealand's benchmark S&P/NZX 50 index .NZ50 slipped 13.1 points, or 0.2 percent, to 6,885.1, close to the 6,906.1 closing high it reached on April 21.