Reuters: Hot Stocks: Australia shares reach 2-week high on Greek debt deal

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Australia shares reach 2-week high on Greek debt deal Nov 27th 2012, 00:24 Mon Nov 26, 2012 7:24pm EST (Updates with comments, stocks on the move) MELBOURNE Nov 27 (Reuters) - Australian shares gained 0.5 percent on Tuesday to a two-week high, with resource stocks leading gains after officials said international lenders have reached an agreement on a new debt target for Greece. "The news of a possible Greek deal just before the open has given us a bit of a boost, particularly in the resources sector," said Burrell & Co dealer Jamie Elgar. "Now people will start focusing on the U.S. fiscal cliff and there could be some nervousness there, particularly if it drags on." The benchmark S&P/ASX 200 index rose 24.1 points to 4,448.3 at 0006 GMT. The benchmark added 0.3 percent on Monday. Top miner BHP Billiton gained 0.7 percent and rival Rio Tinto rose 0.9 percent. Euro zone finance ministers and the International Monetary Fund clinched agreement on a debt target for Greece, in a significant step towards releasing another tranche of loans to the near-bankrupt economy, officials said. New Zealand's benchmark NZX 50 index was flat at 4,012.5. STOCKS ON THE MOVE * Shares in CSL Ltd, the world's No. 2 blood products maker, jumped 7.9 percent to a record high A$50.45 after it forecast a 20 percent rise in full-year net profit, up from an earlier estimate of 12 percent. The gains made it the best performer among the ASX 200 companies and helped lift the healthcare index 4.3 percent. 0005 GMT * Tatts Group shares gained 2.5 percent to A$2.90 after the nation's second-largest wagering group won the right to manage the South Australian lotteries business in a deal it said would boost earnings immediately. 0002 GMT * APN News and Media, publisher of the New Zealand Herald, extended a recent bounce from record lows with a 6.7 percent rise, up $0.02 to A$0.32. Some brokers have said the beaten-down media sector may be set to improve as advertising revenues pick up. Fairfax Media climbed 2.2 percent. 0002 GMT (Reporting by Victoria Thieberger; Editing by Edwina Gibbs) Link this Share this Digg this Email Reprints

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