<span id="midArticle_start"/>(Adds analysis, quotes, stocks on the move)
<span id="midArticle_0"/> (Reuters) - Australian sharesedged higher on Tuesday as a tentative rebound in banks helpedoffset a negative lead from Wall Street.
<span id="midArticle_1"/>The S&P/ASX 200 index rose 0.2 percent, or 10.8points, to 5,509.3 in early afternoon trade, pulling away from afour-month trough of 5,470.0 plumbed on Friday. The market wasclosed on Monday for a public holiday.
<span id="midArticle_2"/>Last week, the benchmark index slid nearly 5 percent,suffering its biggest weekly drop since May 2012.
<span id="midArticle_3"/>Shares in the big four local banks were mostly in the black.Westpac Banking Corp. climbed 1.1 percent, whileCommonwealth Bank put on 0.5 percent.
<span id="midArticle_4"/>"We're probably seeing a bit of a dead cat bounce in thesebanks today because the trend is still down," said Chris Weston,strategist at IG.
<span id="midArticle_5"/> <span class="first-article-divide"/>"There may be a few brave souls looking to dip back in butthe volumes are not particularly exciting. You're probablyseeing some short covering from the offshore players as well."
<span id="midArticle_6"/>Investors have been selling bank stocks in recent weeks duein part to worries about their outlooks. Shares in the big fourbanks have erased all of this year's gains, with most of themturning around from record peaks just a few months ago.
<span id="midArticle_7"/> <span class="second-article-divide"/>While the financial sector was enjoying a rare reprieve,Nine Entertainment was feeling the heat after giving aprofit warning.
<span id="midArticle_8"/>Shares in the television broadcaster slid to a record low ofA$1.555 and were last down 15 percent on the day.
<span id="midArticle_9"/>For more individual stock action, click on.
<span id="midArticle_10"/> <span class="third-article-divide"/>New Zealand's benchmark NZX50 index eased 0.5percent, or 27.1 points, to 5,858.7, weighed by losses inhealthcare and telecommunications sectors.
<span id="midArticle_11"/>Fisher and Paykel Healthcare shed 0.9 percent asinvestors booked profits in the healthcare appliance maker'srally to a lifetime high of NZ$7.10, after it posted strongresults late last month.
<span id="midArticle_12"/>Telecom retailer Spark fell 1.2 percent, whiletelecoms wholesaler Chorus slipped 0.5 percent.
<span id="midArticle_13"/>Bucking the weaker trend, Contact Energy rose 0.9percent, recovering from the previous day's losses onspeculation that Origin Energy may keep its stake inthe energy retailer even as the Australian company struggles tobolster its balance sheet. (Reporting by Ian Chua in SYDNEY and Naomi Tajitsu inWELLINGTON; Editing by Shri Navaratnam)
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<span id="midArticle_0"/> (Reuters) - Australian sharesedged higher on Tuesday as a tentative rebound in banks helpedoffset a negative lead from Wall Street.
<span id="midArticle_1"/>The S&P/ASX 200 index rose 0.2 percent, or 10.8points, to 5,509.3 in early afternoon trade, pulling away from afour-month trough of 5,470.0 plumbed on Friday. The market wasclosed on Monday for a public holiday.
<span id="midArticle_2"/>Last week, the benchmark index slid nearly 5 percent,suffering its biggest weekly drop since May 2012.
<span id="midArticle_3"/>Shares in the big four local banks were mostly in the black.Westpac Banking Corp. climbed 1.1 percent, whileCommonwealth Bank put on 0.5 percent.
<span id="midArticle_4"/>"We're probably seeing a bit of a dead cat bounce in thesebanks today because the trend is still down," said Chris Weston,strategist at IG.
<span id="midArticle_5"/> <span class="first-article-divide"/>"There may be a few brave souls looking to dip back in butthe volumes are not particularly exciting. You're probablyseeing some short covering from the offshore players as well."
<span id="midArticle_6"/>Investors have been selling bank stocks in recent weeks duein part to worries about their outlooks. Shares in the big fourbanks have erased all of this year's gains, with most of themturning around from record peaks just a few months ago.
<span id="midArticle_7"/> <span class="second-article-divide"/>While the financial sector was enjoying a rare reprieve,Nine Entertainment was feeling the heat after giving aprofit warning.
<span id="midArticle_8"/>Shares in the television broadcaster slid to a record low ofA$1.555 and were last down 15 percent on the day.
<span id="midArticle_9"/>For more individual stock action, click on.
<span id="midArticle_10"/> <span class="third-article-divide"/>New Zealand's benchmark NZX50 index eased 0.5percent, or 27.1 points, to 5,858.7, weighed by losses inhealthcare and telecommunications sectors.
<span id="midArticle_11"/>Fisher and Paykel Healthcare shed 0.9 percent asinvestors booked profits in the healthcare appliance maker'srally to a lifetime high of NZ$7.10, after it posted strongresults late last month.
<span id="midArticle_12"/>Telecom retailer Spark fell 1.2 percent, whiletelecoms wholesaler Chorus slipped 0.5 percent.
<span id="midArticle_13"/>Bucking the weaker trend, Contact Energy rose 0.9percent, recovering from the previous day's losses onspeculation that Origin Energy may keep its stake inthe energy retailer even as the Australian company struggles tobolster its balance sheet. (Reporting by Ian Chua in SYDNEY and Naomi Tajitsu inWELLINGTON; Editing by Shri Navaratnam)
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