Australia shares rebound on Wall Street, banks underpin

Tue Apr 15, 2014 2:24am EDT

(Updates to close)

SYDNEY, April 15 (Reuters) - Australian shares rose 0.6 percent on Tuesday, supported by gains in banking stocks as investors took heart from a rebound on Wall Street overnight.

Weak data in China and tensions in Ukraine kept gains in check, however, with the S&P/ASX 200 index rising 29.3 points to close at 5,388.2. The benchmark slid 1.3 percent on Monday, its biggest decline in a month.

Elsewhere, Australia approved a second airport for Sydney, in the government's latest move to improve the infrastructure in the country's biggest city, Prime Minister Tony Abbott said. Shares in Sydney Airport Holdings finished down 1 percent.

New Zealand's benchmark NZX 50 index added 0.3 percent to 5,076.3. (Reporting by Thuy Ong; Editing by Shri Navaratnam)