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June 28 (Reuters) - Australian shares had their biggest rise in two weeks on Wednesday, led by financials after an insurance company hit a record high and by materials stocks on higher commodity prices.
The S&P/ASX 200 index .AXJO closed 0.7 percent or 41.51 points higher to finish the session at 5,755.70. The benchmark fell 0.1 percent on Tuesday.
Insurance Australia Group Ltd IAG.AX , which ended 6.4 percent higher to a record close, pushed the banking sector up and was the top gainer on the financials index. .AXFJ
Its shares hit a record intra-day high after the firm raised its reported margin guidance range for full-year 2017. Banking Corp WBC.AX and Commonwealth Bank of Australia CBA.AX ended 0.9 percent and 0.8 percent higher, respectively. Australia and New Zealand Banking Group Ltd ANZ.AX was up 1.1 percent and National Australia Bank Ltd NAB.AX by 0.4 percent.
Gains in commodity prices lifted miners. The metals and mining index .AXMM ended 1.5 percent higher to reach its best close in two weeks.
BlueScope Steel Ltd BSL.AX rose 2.7 percent while Sims Metal Management Ltd SGM.AX ended 5.4 percent higher to its highest close in more than five years.
Industrial stocks fell with Brambles Ltd BXB.AX shedding 1.7 percent while ALS Ltd ALQ.AX closed 3.7 percent lower.
New Zealand's benchmark S&P/NZX 50 index .NZ50 was flat at 7,624.49.
The consumer discretionary sector weighed on the index with Kathmandu Holdings Ltd KMD.NZ falling 2.4 percent.
On the other hand, material stocks gained with Fletcher Building Ltd FBU.NZ closing 1 percent higher.