(Updates to close)
By Nikhil Nainan
Oct 3 (Reuters) - Australian shares got a lift from strong gains in resource-related stocks on Wednesday, helped by higher gold and metal prices, while financials ended lower despite earlier gains.
The S&P/ASX 200 index .AXJO rose 0.3 percent to 6,146.1 at the close of trade. The benchmark fell 0.8 percent on Tuesday.
Mining stocks found support from firmer overnight metal prices, despite those prices easing in Asian trade. MET/L
Asian markets have been muted by a week-long break in China, a major resources consumer.
Global miners BHP BHP.AX and Rio Tinto (LON:RIO) RIO.AX were among the biggest gainers, rising 1.1 percent and 1.8 percent respectively.
Gold prices touched a one-week high as investors sought safe-haven assets. The gold sub-index .AXGD surged about 4 percent in the session to its highest in slightly over a week. GOL/
St Barbara SBM.AX rose 7.4 percent, while Evolution Mining EVN.AX and Newcrest Mining NCM.AX gained 3.8 percent and 3.3 percent respectively.
Financials extended their losses for a third straight session, despite managing to eke out some gains earlier in the session.
Three of the 'Big Four' banks were in negative territory, while Commonwealth Bank of Australia CBA.AX managed to rise 0.1 percent.
The weakness among financials came in the wake of scathing interim findings from a powerful Royal Commission inquiry into the sector, which were published late last week. damaging revelations from the inquiry, Freedom Insurance Group FIG.AX on Tuesday said it would slash its workforce by more than half and stop the sale of direct insurance. It also announced the departure of its chief executive and chief financial officer. shares plummeted 25 percent on Wednesday to the lowest in a week.
"Markets are concerned about outlook for its business, and see some risk that their business model might be wiped out," said Michael McCarthy, chief strategist at CMC Markets and Stockbroking.
New Zealand's benchmark S&P/NZX 50 index .NZ50 dropped 0.4 percent or 32.64 points to finish the session at 9,293.95.
Index heavyweight a2 Milk Company ATM.NZ was the biggest drag, sliding 2.6 percent, closing at its lowest since August 20.
Fletcher Building FBU.NZ fell 1.5 percent, after its takeover offer for Steel & Tube Holdings Ltd STU.NZ was rebuffed by the company, which said the offer undervalued the business and faced significant regulatory hurdles.