Reuters: Hot Stocks: Australian shares firm, heading for 14 pct gain in 2012

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Australian shares firm, heading for 14 pct gain in 2012 Dec 24th 2012, 00:25 Sun Dec 23, 2012 7:25pm EST (Updates with comments, stocks on the move) MELBOURNE Dec 24 (Reuters) - Australian shares advanced 0.3 percent in a holiday-shortened session on Monday ahead of the Christmas break, with miners in the lead helped by solid iron ore and metals prices. The market is on track for a gain of 14 percent for the year, although the benchmark remains 30 percent below its all-time high. "With iron ore remaining resilient above $135, most investors would be happy to remain in some of the big names," said Stan Shamu, an analyst at IG Markets. Among the top miners, BHP Billiton and Rio Tinto both gained 0.4 percent. The benchmark S&P/ASX 200 index rose 12.8 points to 4,636.4 at 0014 GMT. The benchmark slipped 10.5 points to 4,623.6 on Friday. Monday's session will be shortened ahead of the two-day Christmas holiday, with many players already on vacation. The market will close at 2.30 p.m. (0330 GMT). New Zealand's benchmark NZX 50 index fell 0.1 percent to 4,051.1. STOCKS ON THE MOVE * Shares in surfwear company Billabong International initially rose 1.8 percent after the takeover target said it had allowed the backers of a $556 million buyout offer to examine its books. The shares then lost gains to trade unchanged. 0005 GMT * Department store Myer shares gained 1.5 percent to A$2.08 on hopes of strong holiday sales. The Australian Retailers Association has predicted Christmas sales will be up a solid 3.9 percent over last year. 0005 GMT * Shares in News Corp's online classifieds business REA Group rose 2.9 percent after posting double-digit growth in the first quarter, with earnings up 28 percent as revenues rose 17 percent. 0001 GMT (Reporting by Victoria Thieberger; Editing by Paul Tait) Link this Share this Digg this Email Reprints

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