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Australia’s share market closed higher for a fifth session on Wednesday as major banks bounced back from early declines in a sign that demand for high-yielding stocks was still strong.
The S&P/ASX 200 index was a touch higher at 5,551.6, having climbed a four-month peak. Earlier, the benchmark index fell as much as 0.5 per cent.
Commonwealth Bank erased losses to hit an all-time high of A$87.97, surpassing the previous peak of A$87.65 set on Tuesday.
New Zealand’s benchmark NZX 50 index rose 1.0 per cent or 57.1 points to finish at a record closing high of 5,794.8.
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