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Australian shares end at 2-wk high after Fed chair's 'dovish' comments, NZ rises

Published 29/11/2018, 05:27 pm
© Reuters.  Australian shares end at 2-wk high after Fed chair's 'dovish' comments, NZ rises

* Aussie shares rise on U.S. Fed Chairman's dovish comments

* Metals and mining stocks boost index

* NZ gains for third consecutive session (Updates to close)

Nov 29 (Reuters) - Australian shares closed at a two-week high on Thursday, tracking a Wall Street rally, after dovish-sounding comments from U.S. Federal Reserve Chair Jerome Powell boosted risk-sensitive assets.

Powell said on Wednesday the central bank's policy rate is now "just below" estimates of neutral where it neither stimulates nor slows the economy, suggesting the Fed's tightening cycle might end soon. move boosted Asian shares, though ongoing concerns about the upcoming meeting of U.S. President Donald Trump and Chinese President Xi Jinping at the G20 summit undermined some of the optimism. MKTS/GLOB

Broad-based gains pushed the S&P/ASX 200 index .AXJO 0.6 percent or 33.30 points higher to 5,758.40 at the close of trade. The benchmark edged lower on Wednesday.

The metals and mining stocks .AXMM rose 1.3 percent, dominating the gains on the main index.

Rio Tinto (LON:RIO) Ltd RIO.AX rose 1.7 percent, after it announced approval for the $2.6 billion "intelligent" iron ore mine in Western Australia, while BHP Group BHP.AX gained 1.21 percent.

An overnight jump in Chinese ore futures after a three-day slide, and buoyant London copper prices, also cheered the miners. IRONORE/ MET/L

Financial stocks .AXFJ ended at their highest in more than two weeks as an enquiry into financial sector misconduct held its final hearings after a year of damning revelations. lender Commonwealth Bank of Australia CBA.AX firmed 0.5 percent, while Australia and New Zealand Banking Group ANZ.AX strengthened 0.7 percent.

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Australia's information technology sector .AXIJ , followed its U.S. counterpart to rise 2.8 percent to a near two-week high.

Payment services provider Afterpay Touch Group Ltd APT.AX surged 8.7 percent and was the top percentage gainer on the ASX 200.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.93 percent or 80.92 points to finish at 8,794.88, posting a third consecutive session of gains.

Consumer and industrial stocks led the gains, with mobile commerce operator Pushpay Holdings Ltd PPH.NZ climbing 5.3 percent to a near three-week high and Sky Network Television Ltd SKT.NZ gained 4 percent.

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