Reuters: Hot Stocks: Australia shares seen edging up on gains for Wall St, gold

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Australia shares seen edging up on gains for Wall St, gold Apr 21st 2013, 22:57 Tweet Share this Email Print Sun Apr 21, 2013 6:57pm EDT MELBOURNE, April 22 (Reuters) - Australian shares are set to open slightly higher on Monday after Wall Street and gold prices picked up last Friday following a volatile week when markets were rocked by global growth concerns. * Local share price index futures rose 0.2 percent to 4,937.0, an 11-point premium to the underlying S&P/ASX 200 index close on Friday. The benchmark rose 0.2 percent on Friday. * New Zealand's benchmark NZX 50 index rose 0.2 percent to 4452.9 in early trade. * U.S. stocks rose on Friday as earnings from Google and other companies lifted tech shares, but the gains weren't enough to stop the S&P 500 from suffering its worst week since November. * Copper fell on Friday and showed its biggest weekly decline since 2011 on concerns about global growth, after surprisingly weak economic data, as well as rising inventories and mine supply. Gold rose rose 0.6 percent. * OZ Minerals may come under pressure after cutting its copper production forecast for 2013 to 82,000-88,000 tonnes, and reporting cash costs had risen in the March quarter to $1.85 a pound, well above guidance between $1.50 and $1.65 a pound. * Arafura Resources said it is looking to slash capital costs by up to $1 billion on its Nolans rare earths project in a bid to attract financing in a market where rare earths prices have remained weak and capital has dried up. -----------------MARKET SNAPSHOT @ 2222 GMT------------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1555.25 0.88% 13.640 USD/JPY 99.75 -0.02% -0.020 10-YR US TSY YLD 1.7049 -- 0.000 SPOT GOLD 1407.35 0.25% 3.500 US CRUDE 87.95 -0.07% -0.060 DOW JONES 14547.51 0.07% 10.37 ASIA ADRS 138.78 1.29% 1.76 ------------------------------------------------------------- * Wall St gets Google lift in S&P's worst week since Nov * Oil rises slightly in a second straight day of gains * Gold posts 5 pct weekly loss, outlook seen volatile * Copper falls on economic growth worry, rising supply For a digest of the day's business stories in Australian newspapers, double click on (Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234) (Editing by Richard Pullin) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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