SYDNEY/WELLINGTON, June 30(Reuters) - Australian and New Zealand shares rallied for a second straight session on Thursday, with both bourses gaining more than 1 percent in morning trade as global markets begin to recover from Brexit shocks.
The S&P/ASX 200 index .AXJO rose 70 points to 5,212.4 by 0144 GMT. The benchmark added 1.36 percent on Thursday and has this week recouped more than half of its cumulative 5.2 percent fall in the sessions that followed the United Kingdom's vote to leave the European Union.
"The market is back in positive territory today as it looks to retrace some of the losses from the shock of the Brexit referendum," said senior analyst Adam Tout at CPS Capital in Perth.
"It's following the pattern led from New York markets, retracing recent losses. We're going to be seeing some better looking valuations for 30 June."
Financials, miners and healthcare stocks led Australia's market higher, although all sectors rose.
Mayne Pharma Group MYX.AX stock surged 36.69 percent as it emerged from a trading halt on Thursday, after announcing on Tuesday that it will acquire a portfolio of generic drugs from Teva Pharmaceuticals TEVA.TA for $652 million. lot of healthcare stocks are having a good day today, but that's a transaction the markets have rewarded," Tout said.
Banking shares rose for a second straight session, with National Australia Bank Ltd NAB.AX , which added 2.38 percent and Australia and New Zealand Banking Group Ltd ANZ.AX which added 2.2 percent, the biggest gainers.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rallied 1.13 percent or 76.980 points on Thursday to 6,881.19 as equity markets continued to recover from Britain's vote to quit the EU.
Outdoor equipment retailer Kathmandu KMD.NZ led gains, rising 17.29 percent after the company upwardly revised its forecast profits for its full-year 2016 earnings. L4N19L5DD
Air New Zealand AIR.NZ rose 2.44 percent and Tower Insurance TWR.NZ was up 2.24 percent.
Health stocks had strong gains with retirement village operator Ryman Healthcare RYM.NZ up 2.3 percent and health software company Orion Health Group OHE.NZ rising 1.87 percent.
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