MARKET CLOSE: NZ shares join Australian rally; banking report milder than expected

Tue, 05 Feb 2019

By Paul McBeth Feb. 5 (BusinessDesk) - New Zealand shares followed Australia higher as banking stocks rallied on both sides of the Tasman after a Royal Commission into the sector was less harsh than many had feared. Dual-listed lenders Australia & New Zealand Banking Group, Westpac Banking Corp and AMP all rallied. The S&P/NZX 50 index climbed 94.31 points, or 1.1 percent, to 9,073.72. Within the index, 33 stocks rose, six fell and 11 were unchanged. Turnover was $142.5 million. Australia's S&P/ASX 200 index was up 2.1 percent in aft...

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