July 2, 2014 / 6:27 AM / 3 years ago

Australia shares jump 1.5 pct after Wall Street hits record high

(Updates to close)

SYDNEY, July 2 (Reuters) - Australian shares jumped 1.5 percent on Wednesday, as record highs on Wall Street overnight spurred investors to buy local equities after recent falls.

The S&P/ASX 200 index climbed 79.5 points to 5,455.4 at the close of trade, its biggest one-day percentage gain in two weeks. The benchmark fell 0.4 percent on Tuesday, reaching a 2-1/2 month low.

Treasury Wines Estates Ltd lost 1 percent after a law firm said it had filed a Federal Court class action against the company claiming it misled shareholders about its U.S. business before destroying millions of bottles of wine last year.

Lynas Corporation Ltd tumbled 7.1 percent after the rare earths producer said it will shift its headquarters to Malaysia and cut jobs to reduce costs as it looks to lift output of the minerals used in high-tech equipment.

New Zealand's benchmark NZX 50 index edged 0.1 percent higher to 5,149.4. (Reporting by Thuy Ong; Editing by Richard Borsuk)

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