INSUBCONTINENT EXCLUSIVE:
Authors: TheIndianSubcontinent News AgencyAustralian shares closed at a more than two-month high on Tuesday, supported by financials and
real estate stocks.
The SP/ASX 200 index firmed 0.5 per cent or 32.5 points to 6015.2 at the close of trade
The benchmark added 0.5 per cent on Monday.
Banks led the race, with the Australian financial index posting its biggest one-day gain in
nearly eight-months.
Commonwealth Bank of Australia rose 1.9 per cent
The gains came even as the country's banking regulator slugged the lender with an extra A$1 billion ($753 million) capital requirement as it
released a scathing report into how the bank's "complacent" governance allowed money-laundering to flourish.
Christopher Conway, head of
research and trading at Australian Stock Report, said that the banks were experiencing a relief rally as the capital-boost order imposed on
CBA wasn't as bad expected.
Australia and New Zealand Banking Group Ltd surged 2.4 per cent, its biggest per centage gain in more than
The lender reported a 4 per cent rise in its half-year cash earnings from continued operations, helped by a sharp fall in bad debt charges
and expenses declining marginally.
BlueScope Steel Ltd, the country's sole steel producer, traded 0.4 per cent higher, while the wider
metals and mining index gained 0.5 per cent.
Bluescope said on Tuesday it was pleased with White House's permanant exemptions for Australian
steel and aluminium producers.
Real estate added to the gains, with Dexus climbing 2.2 per cent to its highest in almost 15 weeks.
Across
the Tasman sea, New Zealand's benchmark SP/NZX 50 index edged down 0.1 per cent or 7.61 points to finish the session at 8,435.97.
Materials
accounted for most of the losses, with the country's biggest builder Fletcher Building Ltd falling 1.7 per cent, after casino operator
SkyCity Entertainment Group said the construction of a convention centre being built by Fletcher faced new delays.
Shares of Skycity closed
