By Cecile Lefort and Charlotte Greenfield
SYDNEY/WELLINGTON, June 15 (Reuters) - Australian shares dropped to a two-month low on Wednesday hit by falling commodity prices and Brexit concerns, but New Zealand stocks gained helped by strong earnings from a dairy producer.
The S&P/ASX 200 index .AXJO slipped 9.362 points, or 0.2 percent, to 5,193.9 by 0315 GMT. At one point, the index slipped to its weakest since April 19.
Financial institutions and major miners led the market lower. The Big Four banks were all down between 0.4 percent and 0.7 percent. Investors are worried about the potential exit of Britain from the European Union and awaiting the U.S. Federal Reserve's policy decision later in the global day.
The material index .AXMJ skidded around 1 percent as concerns about global growth weighed on commodity prices, from copper to iron ore.
Demand for safe-haven gold also eased but that was due to profit-taking following recent hefty gains.
Mining giant BHP Billiton (LON:BLT) BHP.AX and Fortescue Metals Group FMG.AX fell 0.9 percent each, Rio Tinto (LON:RIO) RIO.AX was down 0.6 percent while Newcrest Mining NCM.AX slumped 2 percent.
In contrast, the energy index .AXEJ rose 0.6 percent defying a slide in oil prices with LNG LNG.AX the clear outperformer. It bounced 19 percent following two sessions of deep losses. It touched an eight-month peak last week, largely due to a strong pick-up in liquefied natural gas prices.
Biotech company Mesoblast MSB.AX was another big winner, up 15 percent on bargain hunting. The stock plummeted 42 percent on Tuesday after its partner Teva Pharmaceutical Industries (NYSE:TEVA) TEVA.TA gave up rights to Mesoblast's promising heart failure treatment.
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New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.7 percent, or 51.07 points, to 6,886.020, after falling to its lowest level since early May in the previous session.
The market pulled closer to a record peak touched on June 1.
Health software company Orion Health Group OHE.NZ rose 2.17 percent, while A2 Milk ATM.NZ led gains, rising 11 percent after the dairy company revised upwards its full-year 2016 forecasts. village operators led losses with Ryman Healthcare RYM.NZ losing 2.05 percent and Metlifecare MET.NZ down 1.79 percent.
Auckland Airport AIA.NZ fell 1.09 percent and New Zealand Refining NZR.NZ lost 1.54 percent.
Meridian Energy fell 0.59 percent after the company announced electricity demand in May was lower than the same month the previous year. (Editing by Jacqueline Wong)