* Class Action lawsuit filed against NAB entities
* CSL, Fortescue rise to record highs
* Santos posts record annual production
By Shreya Mariam Job
Jan 22 (Reuters) - Australian shares scaled fresh highs on Wednesday, driven by gains in financial stocks while a jump in materials heavyweight Fortescue Metals Group FMG.AX also lent support to the market.
The S&P/ASX 200 index .AXJO rose 0.7%, or 47.90 points, to 7114.90 by 0124 GMT after a 0.2% drop on Tuesday.
The fear of missing out is in play and investors don't want to miss out on this rally, said Henry Jennings, senior analyst and portfolio manager at Marcustoday Financial Newsletter.
"Maybe we are seen as a defensive market globally," he said.
Financial stocks xx gained 0.7%, with both Commonwealth Bank of Australia CBA.AX and Australia and New Zealand Banking Group rising about 0.8%.
However, National Australia Bank NAB.AX dropped 0.6% after law firm Maurice Blackburn said it had filed a class action lawsuit on behalf of more than 330,000 account holders against two entities of the lender for alleged breaches in pension laws. other gainers, Fortescue extended gains into a fifth session and hit a record high after Credit Suisse (SIX:CSGN) upgraded the stock to "neutral" rating.
Healthcare stocks .AXHJ climbed about 0.5%, with biotherapeutics company CSL Ltd CSL.AX rising to an all-time high.
Santos Ltd STO.AX rose 0.5% after the company posted record annual production, benefiting from higher gas output at its Western Australia assets. stocks also advanced, with Woolworths Group WOW.AX and Coles Group COL.AX rising 2% and 1.8%, respectively.
Meanwhile, investors remained concerned about the coronavirus outbreak in China, which has claimed six lives in Wuhan city.
China is the largest source of tourists to Australia, with more than 1 million people arriving last year and any travel restrictions are expected to hurt the tourism industry.
Shares of travel agent Webjet Ltd WEB.AX dropped 1%, while those of casino operator Crown Resorts Ltd CWN.AX dipped 1.1%.
Airline stocks also slipped, with Qantas Airways QAN.AX shedding 1.3%.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.3%, or 34.81 points, to 11,839.95.
A2 Milk Co ATM.NZ gained 1.7% after global dairy prices surged again in the second auction of 2020 on Wednesday.