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WorldPosted at: Jun 29 2016 8:41AM


Australian and New Zealand shares join global rally as Brexit shock fades

SYDNEY/WELLINGTON, Jun 29 (Reuters) Australian and New Zealand shares rallied on Wednesday, as global markets found their footing after the Brexit shock, with the Australian market gaining 0.68 percent and NZ stocks adding 1.09 percent.
The S&P/ASX 200 index rose 34.63 points to 5,137.9 by 0133 GMT. Miners and financials led the gains.The S&P 500 bounced 1.8 percent overnight after two days of hefty losses in the wake of Britain's vote to leave the European Union."There's a view that Brexit isn't going to damage every single sector of the Australian economy," said Aurora Funds Management senior portfolio manager Hugh Dive."There's also a view that we are going to see a rate cut in Australia and a view that we are going to see the Fed cutting back in the U.S."U.S. Federal Reserve Governor Jerome Powell said the Brexit result had shifted global risks "to the downside".BT Investment Mangement shares added 6.24 percent on Wednesday, recouping some of the stock's heavy losses since Friday, which may have been as much as 27 percent of its value.Australia's Big Four banks all climbed, led by Australia and New Zealand Banking Group, which rose 1.55 percent.
National Australia Bank gained 1 percent, Westpac Banking Corporation added 0.95 percent and Commonwealth Bank added 0.6 percent.
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