Reuters: Hot Stocks: Australia shares rally 1.3 pct to one-week high

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Australia shares rally 1.3 pct to one-week high Nov 22nd 2012, 01:28 Tweet Share this Email Print Wed Nov 21, 2012 8:28pm EST MELBOURNE, Nov 22 (Reuters) - Australian shares rebounded 1.3 percent to a one-week high on Thursday as investors embraced risk assets after the declaration of a ceasefire on the Gaza strip, and as expectations for a cut to official interest rates in coming weeks rise. The local market has not gained more than 1 percent in a single session since Oct. 2, when the central bank last lowered interest rates to stimulate the non-mining parts of Australia's economy. This week, policy makers said "further easing may be appropriate in the period ahead.". "It alleviates stress," said Macquarie Equities division director Lucinda Chan, adding that another rate cut in early December could kick start spending and borrowing and boost Christmas activity. Top miners and banks climbed as investors wait for HSBC Flash China PMI data due around 0145 GMT, which will give an indication of manufacturing activity in Australia's biggest export market. "Some people have been buying the dips, and some people not, but today it looks like we're all chasing everything. There's still some caution, Europe is still out there, but the first half of next year could be a bit more positive," said Chan. The benchmark S&P/ASX 200 index was up 57 points at 4,426.2 by 0105 GMT. The index, which last closed above 4,400 on Nov. 12, fell 0.4 percent on Wednesday, breaking two days of gains on concern over the U.S. economy and Greece. New Zealand's benchmark NZX 50 index rose 0.8 percent to 4,000.8, a one-month high. Markets gained as a ceasefire between Israel and Gaza's Hamas rulers took hold after eight days of conflict . "That really calmed markets. As long as that region comes to a truce as they said they would ... the market becomes a bit more comfortable," said Chan. STOCKS ON THE MOVE: * Fisher & Paykel Healthcare rallied 6.6 percent to a 13-month high of NZ$2.60 after it raised earnings guidance. It later eased to be up 4.5 percent at A42.55. 0104 GMT * Goodman Fielder rose 7.8 percent to a 6-month high of A$0.625 after the food and ingredients company said it would review its dividend policy at the half year and aimed to cut its cost base by A$100 million ($103 million) by 2015. The stock had slumped as low as A$0.372 in January. The stock was later up 1.7 percent at A$0.59. 0103 GMT * Oil and gas producer Santos rose 1.7 percent to A$11.12 after it said it expects to lift its oil and gas production by around 4 percent in 2013. 0102 GMT * St Barbara Ltd fell 3.8 percent after it lowered gold production forecasts. 0102 GMT (Reporting by Miranda Maxwell; Editing by Jacqueline Wong) Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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