{"id":81389,"date":"2018-06-07T12:48:02","date_gmt":"2018-06-07T12:48:02","guid":{"rendered":"http:\/\/www.bnreport.com\/australian-shares-end-up-on-materials-banks-nz-hits-new-peak\/"},"modified":"2018-06-07T12:48:02","modified_gmt":"2018-06-07T12:48:02","slug":"australian-shares-end-up-on-materials-banks-nz-hits-new-peak","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/australian-shares-end-up-on-materials-banks-nz-hits-new-peak\/","title":{"rendered":"Australian shares end up on materials, banks; NZ hits new peak"},"content":{"rendered":"

Australian shares<\/a> edged up on Thursday led by material stocks and banks although gains were capped by AMP's fall after the wealth manager was slapped with its fourth class action lawsuit. <\/p>\n

Wall Street indexes rallied on Wednesday buoyed by financial stocks as investors eyed strong economic data and as trade war fears took a back seat. <\/p>\n

The S&P\/ASX 200 index advanced 0.5 per cent or 32.2 points to 6,057.3. The benchmark added 0.5 per cent on Wednesday. <\/p>\n

Investors picked up material stocks as upbeat base metal prices coupled with a weaker dollar added to their appeal. <\/p>\n

Top miners BHP Billiton<\/a> and Rio Tinto gained more than 2 per cent each with BHP providing the biggest boost to the benchmark index. <\/p>\n

Bank stocks also fared well with the "Big Four" banks adding up to 0.8 per cent, following their US peers, but Australia<\/a>'s biggest wealth manager AMP Ltd closed at its worst level in more than nine years. <\/p>\n

The company confirmed it had been served with another class action proceeding in Australia's Federal Court and said it intended to vigorously defend all proceedings. <\/p>\n

Australian law firms have been suing AMP on behalf of its shareholders after allegations of misconduct \u2013 allegedly charging fees for services not provided. <\/p>\n

Elsewhere, retail conglomerate Wesfarmers Ltd closed at its highest in over 3 years after its managing director said the company will focus on existing businesses and expects dividend policy to remain unchanged. <\/p>\n

Real estate stocks, traditionally seen as bond proxies, bucked the overall trend with property managers such as Stockland Corp and Mirvac<\/a> Group losing about 1 per cent each after a rise in U.S. Treasury yields. <\/p>\n

New Zealand's benchmark S&P\/NZX 50 index climbed 1 per cent to end at a record of 8,899.52. The index has had three successive days of record close. <\/p>\n

Consumer staples and industrial stocks drove the gains on the index. <\/p>\n

A2 Milk Company was the top boost, adding 4 per cent while Fletcher Building<\/a> rose 2.2 per cent to its best close since February. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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Australian shares edged up on Thursday led by material stock..<\/p>\n","protected":false},"author":1,"featured_media":81390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-81389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nAustralian shares end up on materials, banks; NZ hits new peak - Business News Report<\/title>\n<meta name=\"description\" content=\"Australian shares edged up on Thursday led by material stock..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/australian-shares-end-up-on-materials-banks-nz-hits-new-peak\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian shares end up on materials, banks; 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