Australian shares climb as NAB sets peak, BlueScope jumps on improved bid

Feb 18 (Reuters) - Australian shares climbed on Wednesday, powered by a record high for National Australia Bank after the lender posted strong first-quarter numbers, while BlueScope Steel jumped on an improved takeover offer.

The S&P/ASX 200 index .AXJO was up 0.4% at 8,994.3 points, as of 0121 GMT. The benchmark ended 0.2% higher on Tuesday.

In New Zealand, benchmark S&P/NZX 50 index .NZ50 climbed 1% to 13,164.88 points, after the Reserve Bank of New Zealand held its interest rates steady at 2.25%.

The central bank noted that its monetary policy stance will remain accommodative for some time to support economic recovery.

Back in Sydney, shares of National Australia Bank NAB.AX surged as much as 5.8% to an all-time high, after the lender logged a 16% rise in first-quarter cash earnings, driven by strong performance across its business and home-lending segments.

NAB shares pushed the broader financials sub-index .AXFJ up 1%, putting it on track to snap a three-day losing streak if the current momentum persists.

NAB was the last of the "Big Four" banks to report their earnings this month, with all lenders posting stronger profits.

Strong earnings and upbeat market reactions in the shares of Australia's "Big Four" banks have propelled the sub-index almost 8% higher so far this month.

Meanwhile, shares of BlueScope Steel BSL.AX surged as much as 6% after SGH Ltd SGH.AX and U.S.-based Steel Dynamics STLD.O raised their buyout offer for Australia's largest listed steelmaker to A$15 billion ($10.63 billion).

Healthcare stocks .AXHJ gained 1%, led by CSL CSL.AX after the biotech firm signed a licensing deal with Eli Lilly LLY.N, granting it certain rights to develop and commercialise clazakizumab, an IL‑6‑blocking antibody for patients with end‑stage kidney disease.

Bucking the broader positive trend, the mining sub-index .AXMM lost 0.9%, pressured by gold producers .AXGD after bullion dropped on reduced safe-haven demand following easing geopolitical tensions. GOL/

($1 = 1.4116 Australian dollars)