Australia shares rise 0.5 percent; Westpac up

Published: 03 Nov 2009 18:07:31 PST

WELLINGTON, Nov 4 - Australian shares rose 0.5 percent in early trade on Wednesday, as miners rose on firmer metal prices and banks gained after Westpac Banking Corp <WBC.AX> said it saw bad debts peaking.

Westpac shares jumped 2.4 percent after Australia's third largest lender reported a fall in second half profit but provided the banking industry's most positive outlook. [ID:nSYD253066]

The benchmark S&P/ASX 200 index <.AXJO> rose 18.9 points to 4,552.7 at 2312 GMT.

New Zealand's benchmark NZX 50 index <.NZ50> fell 0.2 percent to 3,151.1.