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Australian shares end near three-week high; NZ high on a2 Milk

Published 14/08/2018, 04:25 pm
Updated 14/08/2018, 04:30 pm
© Reuters.  Australian shares end near three-week high; NZ high on a2 Milk

* Aussie shares close firmer on banks and materials

* Banks propped up ANZ & NAB announcements

* Materials rise on higher commodities prices

* a2 Milk rally drives NZ higher

(YouUpdates to close)

Aug 14 (Reuters) - Australian shares closed near a three-week high on Tuesday, led by gains in banks, while resources stocks advanced on higher commodities prices.

The S&P/ASX 200 index .AXJO rose 0.8 percent or 47.40 points to 6,299.60 at the close of trade. The benchmark slipped 0.4 percent on Monday.

Australia's "big four" banks led the way on Tuesday after announcements from Australia and New Zealand Banking Group Ltd ANZ.AX and National Australia Bank Ltd NAB.AX bolstered investors' appetite for financial stocks.

ANZ jumped 1.6 percent to a nine-month high after reporting a 36 percent fall in impaired assets in the third quarter due to stricter credit controls. NAB rose 1.5 percent to its highest since July 27 after investors took in stride a 3 percent fall in third-quarter cash profit. McGlew, executive director of corporate stockbroking at Argonaut, said the result was in line with market expectations and the provisions they had flagged were not as severe as the market had expected.

A recovery in gold prices, coupled with higher Chinese iron ore futures drove up the demand for materials stocks, pushing the metals and mining index .AXMM 0.8 percent higher. GOL/ [IRONORE/

Global miner BHP BHP.AX firmed 1.5 percent, while Newcrest Mining Ltd NCM.AX rose 0.8 percent.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 0.30 percent or 26.90 points to finish the session at 8,971.94.

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Dairy firm a2 Milk Company Ltd ATM.NZ rose 3.6 percent to a more than four-week high, dominating the gains on the benchmark.

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