Reuters: Hot Stocks: Australia shares up 1.1 pct on robust China data; Telstra in favor

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Australia shares up 1.1 pct on robust China data; Telstra in favor Aug 8th 2013, 06:32 Thu Aug 8, 2013 2:32am EDT SYDNEY Aug 8 (Reuters) - Australian shares rose 1.1 percent on Thursday, with buying picking up in the afternoon session after robust Chinese trade data eased fears of a hard landing for the world's second-biggest economy - Australia's major export market. Phone giant Telstra Corp Ltd climbed 2.4 percent after reporting strong earnings, which was the most traded stock in the market. Investors also took direction from an unexpected fall in Australia's employment, which appeared to bolster the case for another interest rate cut over the rest of the year. The S&P/ASX 200 index added 53.5 points to close at 5,064.8, bouncing back from heavy selling in the previous session. The local benchmark dropped 1.9 percent on Wednesday, its biggest fall in 5-1/2 weeks. Surfwear company Billabong International Ltd was the biggest mover on the S&P/ASX 200, surging 17.4 percent to a 4-month high of A$0.58. Analysts said refinancing deals and a stronger balance sheet had helped the embattled company bounce back from all-time lows of A$0.12 hit in June this year. New Zealand's benchmark NZX 50 index slipped 0.2 percent to 4,541.4.

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