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Australian shares defied international markets and rose on Wednesday as a new tax break for small businesses boosted retailers, while investors swooped on relatively cheap bank stocks after the previous week’s sell-off.
Energy companies were also in demand after a rally in the prices of oil overnight on the back of forecasts for demand growth.
The S&P/ASX 200 index rose 40.4 points or 0.7 per cent to close at 5,715.1, its second straight day of gains.
New Zealand’s benchmark NZX 50 index added 5.5 points or 0.1 per cent to finish the session at 5,751.8.
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