Bank shares rally after let off from Royal Commission

The S&P/NZX 50 index climbed 94.31 points, or 1.1 percent, to 9,073.72. Within the index, 33 stocks rose, six fell and 11 were unchanged. Turnover was $142.5 million.

Australia's S&P/ASX 200 index was up 2.1 percent in afternoon trading, after Commissioner Kenneth Hayne's 76 recommendations didn't go as far as some expected.They may even be a boon for the profitability of Australia's 'four pillars' by introducing a flat fee paid to mortgage brokers and ditching trail commissions.

The dual-listed lenders led New Zealand's market higher, with Westpac up 7.8 percent at $28.08 on the NZX and ANZ gaining 7.8 percent to $28.34. Outside the benchmark, AMP jumped 11 percent to $2.56.

Still, all three have struggled while the Royal Commission ran its course and as Australia's housing market slows. ANZ is down 8.9 percent over the past year, with Westpac falling 23 percent and AMP slumping 55 percent over the same period.