Reuters: Hot Stocks: Australia shares rise, reach fresh three-week high

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Australia shares rise, reach fresh three-week high Nov 30th 2012, 01:00 Tweet Share this Email Print Related Topics Basic Materials » Cyclical Consumer Goods » Thu Nov 29, 2012 8:00pm EST (Adds details, comments) Sydney, Nov 30 (Reuters) - Australian shares rose 0.5 percent on Friday buoyed by shares in mining and banks as firmer metals prices and a higher finish on Wall St helped the market reach a fresh three-week high. Bellwether miner BHP Billiton Ltd added 0.9 percent to $A34.50. The mining giant said it was succession planning after reports the world's biggest miner was preparing for changes at the top.. Rio Tinto Ltd jumped 3.2 percent. Among the steelmakers, Fortescue Metals Group gained 1.3 percent. Banks were also strong, with National Australia Bank leading gains, adding 1.3 percent. The benchmark S&P/ASX 200 index was 22.5 points higher at 4,500.2 by 0038 GMT. The benchmark rose 0.7 percent on Thursday to a three-week high. "We seem to be following the positive lead from offshore last night," said Steven Daghlian, market analyst at Commonwealth Securities. "It was always likely to be quite a good day, it's not just the miners and banks that are doing great but pretty much all the other sectors." The market may also get a push from Chinese PMI due over the weekend, as a Reuters poll shows China's factory activity in November probably expanded at its fastest pace in seven months, the latest evidence a recovery in the vast manufacturing sector was gathering momentum. New Zealand's benchmark NZX 50 index rose 0.4 percent or 16.7 points to 4,033.5. STOCKS ON THE MOVE * Lynas Corp jumped 2.2 percent to $A0.69. The Australian rare earths producer said it started operation at its long-delayed Malaysia processing plant on Friday. (0037 GMT) * New Zealand's Fonterra, the world's largest dairy exporter, debuted its investment fund at nearly a 22 percent premium. Shares in the new fund opened at NZ$6.66 from the issue price of NZ$5.50, having raised NZ$525 million ($430 million) to bolster its balance sheet and fund expansion plans. It last traded at NZ$6.68. (0038 GMT) (Reporting by Thuy Ong; Editing by Michael Perry) Related Quotes and News Company Price Related News 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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