Australia shares expected to be rangebound; NZ flat

July 5 (Reuters) – Australian shares are seen trading in a
narrow range on Wednesday as the market is set for a correction
following the strong rally in the previous session.
The benchmark was getting little help from broader U.S.
peers as Wall Street was closed for a national holiday.
The local share price index futures rose 0.105
percent, or 6 points, to 5,738, a 45.8-point discount to the
underlying S&P/ASX 200 index close. The benchmark
climbed 1.8 percent, its highest percentage gain since November,
on Tuesday.
Oil prices shuffled sideways, while iron ore futures dropped
nearly 3 percent.
New Zealand’s benchmark S&P/NZX 50 index was flat in
early trade.

(Reporting by Hanna Paul in Bengaluru; Editing by Peter Cooney)