(Reuters) - Australian shares closed near a three-week high on Tuesday, led by gains in banks, while resources stocks advanced on higher commodities prices.
The S&P/ASX 200 index <.AXJO> rose 0.8 percent or 47.40 points to 6,299.60 at the close of trade. The benchmark slipped 0.4 percent on Monday.
Australia's "big four" banks led the way on Tuesday after announcements from Australia and New Zealand Banking Group Ltd <ANZ.AX> and National Australia Bank Ltd <NAB.AX> bolstered investors' appetite for financial stocks.
ANZ jumped 1.6 percent to a nine-month high after reporting a 36 percent fall in impaired assets in the third quarter due to stricter credit controls.
Meanwhile, NAB rose 1.5 percent to its highest since July 27 after investors took in stride a 3 percent fall in third-quarter cash profit.
James McGlew, executive director of corporate stockbroking at Argonaut, said the result was in line with market expectations and the provisions they had flagged were not as severe as the market had expected.
A recovery in gold prices, coupled with higher Chinese iron ore futures drove up the demand for materials stocks, pushing the metals and mining index <.AXMM> 0.8 percent higher. [GOL/] [IRONORE/
Global miner BHP <BHP.AX> firmed 1.5 percent, while Newcrest Mining Ltd <NCM.AX> rose 0.8 percent.
In New Zealand, the benchmark S&P/NZX 50 index <.NZ50> rose 0.30 percent or 26.90 points to finish the session at 8,971.94.
Dairy firm a2 Milk Company Ltd <ATM.NZ> rose 3.6 percent to a more than four-week high, dominating the gains on the benchmark.
(Reporting by Aditya Soni in Bengaluru; Editing by Kim Coghill)
