Australia & NZ stocks pop higher, on track for hefty monthly gains

* NZ stocks up 2.8 pct in Oct, largest gain in 7 months

* Aussie shares up 4 pct this month

* Macquarie & ANZ post strong results

* 142 shares down, 45 shares up, 12 shares unchanged (Adds analysis, quotes, stocks on the move)

By Cecile Lefort and Gyles Beckford

SYDNEY/WELLINGTON, Oct 31 (Reuters) - Australian shares rose to a seven-week peak, while New Zealand stocks hit a fresh record high on Friday, after encouraging U.S. growth data boosted risk appetite, putting them on track for hefty gains this month.

The S&P/ASX 200 index rallied 24 points to 5,500.6 by 0221 GMT, having climbed as far as 5,514.2, its highest since mid-September. The benchmark has rebounded 4.1 percent this month, following a near 6 percent tumble in September.

The move higher was underpinned by a rise on Wall Street on Thursday following a strong reading on quarterly economic growth and another round of upbeat earnings reports.

"The market was reasonably positive in America and what also helped Australian stocks is that bond yields continued to fall and there seems to be a positive correlation between these two asset classes at the moment," said Damien Boey, an equity strategist at Credit Suisse (NYSE: CS - news) .

Industrial stocks gained 1 percent, followed by the financials sector after Australia and New Zealand Banking Group (ANZ) and Macquarie Group released strong results.

ANZ, the nation's No.3 lender by market value, posted its fifth straight year of record profit, helped by gains in its Asian operations and a strong performance at home.

Macquarie Group, Australia's largest investment bank, posted a 35 percent rise in first-half net profit on Friday, bolstered by its asset management division and a recent focus on housing loans.

The mining sector also notched gains, aided by a small rebound in iron ore prices, Australia's top export earner. Rio Tinto Ltd and BHP Billiton (NYSE: BBL - news) jumped around 1 percent.

Falling gold prices, however, hurt Newcrest which tumbled 4.3 percent to A$9.34, after plumbing its lowest since late January.

The New Zealand stock market set a record high for a sixth consecutive session supported by positive company outlooks and month-end positioning. The benchmark NZX-50 index was up 0.6 percent, having touched a record of 5,405.311. It has gained 2.8 percent this month, its largest increase since March.

Gains were broad based with the biggest company Fletcher Building up 1.2 percent to NZ$8.58, and number two stock telecommunications company Spark rising 1.8 percent to NZ$3.17, its highest since early 2008.

Other top-10 stocks with strong showings were Auckland International Airport, Sky TV, and casino operator Sky City Entertainment (NZSE: SKC.NZ - news) .

Among the mid-cap stocks, pharmaceutical and animal products company Ebos Group (NZSE: EBO.NZ - news) was up 2.7 percent to NZ$9.35 after it said it was buying Australian pet food maker BlackHawk.

Transport and logistics company Freightways was 3.1 percent higher at a record NZ$5.70 as it benefited for a second consecutive session from strong first quarter earnings.

Among the declining stocks dual-listed Oceana Gold was down 9.6 percent at NZ$2.27 after reporting a sharp drop in third quarter earnings. (Editing by Jacqueline Wong)