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Australia shares rise more than 0.5 pct, NZ shares edge higher

Reuters - UK Focus

By Colin Packham and Charlotte Greenfield

SYDNEY/WELLINGTON, May 3 (Reuters) - Australian shares rose more than 0.5 percent on Tuesday, recouping all the losses in the previous session, despite the country's fourth largest bank posting its biggest decline in half-year cash profit since 2008.

The S&P/ASX 200 index rose 0.75 percent, or 39.3 points to 5,282.3 by 0319 GMT. The benchmark fell 0.18 percent on Tuesday.

Financials led the index higher, rising 0.75 percent as market sentiment was buoyed despite Australia and New Zealand Banking Group posting its biggest half-yearly decline in cash profit since 2008 and slashed dividends for the first time in seven years on rising corporate defaults triggered by a mining downturn.

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"A lot of investors seem to be indicating that this might be the low point for ANZ and that had a positive impact on the index and the view that the worse maybe over for financials," said Angus Nicholson, market analyst, IG Markets.

ANZ rose more than more than 4 percent, while Commonwealth Bank of Australia Ltd and National Australia Bank Ltd both rose more than 1.5 percent. Westpac Banking Corporation - the other member of Australia's Big Four banks rose nearly 1 percent.

Australia's largest miners, Rio Tinto Ltd and BHP Billiton Ltd both fell more than 2 percent as Chinese iron prices retreated.

New Zealand's benchmark S&P/NZX (Other OTC: NZSTY - news) 50 index rose 0.25 percent or 15.83 points to 6,807.65 on Tuesday.

New Zealand's biggest poultry processor Tegel Group Holdings Ltd jumped as much as 10 percent after its debut on the New Zealand stock exchange on Tuesday.

Air New Zealand rose 2.78 percent as the airline held its investor day presentation and said the fuel price outlook and record tourism to New Zealand continued to be favourable.

Sky TV lost 1.85 percent and telecommunications operator Spark fell 1.76 percent.

(Reporting by Colin Packham in Sydney; Reporting by Charlotte Greenfield in Wellington; Editing by Simon Cameron-Moore)