Reuters: Hot Stocks: Australia shares may extend gains into a fifth day

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Australia shares may extend gains into a fifth day Dec 12th 2012, 22:45 Tweet Share this Email Print Wed Dec 12, 2012 5:45pm EST MELBOURNE, Dec 13 (Reuters) - Australian shares may stretch gains to a fifth day on Thursday, although trade will be cautious after the U.S. S&P 500 fell from a seven-week high after the Federal Reserve said monetary policy won't be enough to offset damage from the "fiscal cliff." * Local share index futures rose 3 points to 4,599.0, a 15.2-point premium to the underlying close of the S&P/ASX 200 index, which rose to a 17-month high on Wednesday. * New Zealand's benchmark NZX 50 index fell 0.2 percent to 3,985.4 in early trade. * Copper prices rose slightly to near two-month highs * Graincorp Ltd said an upwardly revised offer from Archer Daniels Midland Co still "materially undervalues" it. * Iluka Resources Ltd may come under pressure after it said zircon and synthetic rutile volumes are near the bottom end of previously advised ranges and market conditions for its mineral sands products remain challenging. ----------------------MARKET SNAPSHOT @ 2238 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1428.48 0.04% 0.640 USD/JPY 83.13 -0.14% -0.120 10-YR US TSY YLD 1.7023 -- 0.046 SPOT GOLD 1711.17 -0.02% -0.380 US CRUDE 86.77 1.14% 0.980 DOW JONES 13245.45 -0.02% -2.99 ASIA ADRS 125.55 0.46% 0.58 ------------------------------------------------------------- * Wall St ends almost flat as Bernanke warns on cliff" * Oil up on more Fed stimulus, OPEC holds output target * Gold rises after Fed makes surprise low-rate pledge * LME copper rises on Fed stimulus hopes,China revival For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Miranda Maxwell; Editing by John Mair) 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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