Australian shares rose on Wednesday, boosted by financials stocks and improved global investor sentiment, driving the local index to its fourth straight session of gains.
The S&P/ASX 200 index <.AXJO> closed 0.43 percent, or 25.2 points, higher at 5,830.300. It rose 0.1 percent in the previous session.
However, the benchmark posted a decline of 6.1 percent for the month, its biggest monthly drop since August 2015 as a bitter trade war and worries over U.S. corporate earnings wiped trillions of dollars wiped out of global equity markets.
Financials underpinned the gains on Wednesday, rising 0.9 percent to post a fourth straight day of gains.
Sector heavyweight Commonwealth Bank of Australia <CBA.AX> was the biggest boost to financial stocks as it announced the sale of its asset management arm for $2.9 billion, equivalent to 17.5 times the unit's annual net profit.
Meanwhile, No.3 lender Australia and New Zealand Banking Group <ANZ.AX> rose 1.1 percent as it reported a lower than expected fall in its cash second-half profit.
The energy sector also advanced with sector heavyweight Woodside Petroleum Ltd <WPL.AX> rising 2.3 percent and Caltex Australia Ltd <CTX.AX> gaining 3.1 percent.
The jump in energy stocks was supported by oil prices, which climbed for the first time in three days. [O/R]
New Zealand's benchmark S&P/NZX 50 index <.NZ50> gained 1.2 percent or 103.93 points to finish the session at 8,752.31. The benchmark has lost 6.4 percent this month.
Dairy giant a2 Milk Co Ltd <ATM.NZ> added 2.5 percent while Synlait Milk Ltd <SML.NZ> rose by 3.83 percent at close.
(Reporting by Rashmi Ashok in Bengaluru; Editing by Sam Holmes)
