Reuters: Hot Stocks: Australia shares rally, reaching a fresh 3-week high

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Australia shares rally, reaching a fresh 3-week high Nov 30th 2012, 06:25 SYDNEY | Fri Nov 30, 2012 1:25am EST SYDNEY Nov 30 (Reuters) - Australian shares rallied 0.6 percent on Friday to reach a fresh three-week high, bolstered by shares in miners and banks as firmer metals prices and a stronger close on Wall St helped the local market break above the 4,500 level. Bellwether miner BHP Billiton Ltd added 0.5 percent. 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 2.8 percent. Banks gains were headed by Westpac Banking Corp rising 1.1 percent. "It just seems like one of those risk-on days where investors just pile onto stocks that they think will give them the most value," said Stan Shamu, market strategist at IG Markets. The benchmark S&P/ASX 200 index was 28.3 points higher at 4,506.0. The benchmark rose 2.1 percent for the week, the largest weekly rise since the beginning of October. Local financial markets start next week with a run of economic indicators including the Australian Industry Group's November performance of manufacturing index, last month's internet and newspaper job advertising levels, October retail trade, and September balance of payments - all of which will feed into the Reserve Bank of Australia's monetary policy meeting on Tuesday where it is expected to cut its cash rate 25 basis points to 3 percent. Weekend economic data from the Asian region may also influence Australian shares next week. "The Australian sharemarket ended the week in style with banks and resource stocks making the best of the conditions," said Tim Waterer, senior trader at CMC Markets. "Chinese PMI data on the weekend may impact how the Australian market shapes up in the early part of next week." 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. Energy stocks also made gains, Santos jumped 1.9 percent while Woodside Petroleum rose 0.6 percent. Lynas Corp plunged 5.2 percent after the Australian rare earths producer said it started operations at its long-delayed $800 million Malaysia processing plant on Friday, only to learn the Malaysian high court will hear an application on Feb. 5 next year for a judicial review of bids to permanently block the controversial rare-earths plant. 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$6.85. New Zealand's benchmark NZX 50 index rallied 0.8 percent or 33.3 points to 4,050.1. (Reporting by Thuy Ong; Editing by Eric Meijer) Link this Share this Digg this Email Reprints

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