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* Investors return to bank stocks as inquiry worries fade
* Commodity stocks higher on firm metal, oil prices
* NZ closes at record ahead of RBNZ policy meeting(Updates to close)
By Devika Syamnath
March 21 (Reuters) - Australian shares ended higher onWednesday, supported by financials as a recent spate of sellingof bank stocks fizzled out, but gains were capped by cautionahead of a
The S&P/ASX 200 index rose 0.2 percent, or 13.9points, to 5,950.3.
With an interest rate hike seen as all but certain at theend of the Fed's two-day meeting on Wednesday (1800 GMT),investors' focus has turned to whether it now expects to raiserates faster than expected just a few months ago, and if thatwould trigger a strong sell-off in equities.
Financial stocks ended 0.6 percent higher asinvestors seemed to move past an ongoing Royal Commissioninquiry into the sector.
"The cause of the (Royal Commission) pressure has been verywell flagged ... it looks like those who wanted to sell on therevelations we saw have already done so," said Michael McCarthy,Chief Market Strategist at brokerage CMC Markets.
The centre-right government reluctantly agreed to call theyear-long inquiry, which commenced last week, in response to aseries of banking scandals including interest-rate rigging andbreaches of anti-money laundering laws by Commonwealth Bank of
"Many issues brought to light were historic in nature ...the idea that there is a systemic issue at any of the 'Big Four'banks is yet to be established in any meaningful way and sothere's possibly been some buying on the back of that," McCarthyadded.
Materials stocks were supported by firmer metal prices whilea rise in oil prices helped energy firms.
Global miner BHP Billiton rose 0.9 percent and wasthe second biggest boost to the main index. Woodside Petroleumadded 0.4 percent, while Origin Energy closedat its highest in three weeks, up 1.3 percent.
Across the Tasman Sea,
Synlait Milk also closed at a record, up 14.1percent, and was the biggest advancer on the main index after itposted its best first-half net profit.
A poll found the Reserve Bank of
