Reuters: Hot Stocks: Australia shares may run into profit-taking after rally

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Australia shares may run into profit-taking after rally Jan 29th 2013, 22:21 Tweet Share this Email Print Tue Jan 29, 2013 5:21pm EST MELBOURNE, Jan 30 (Reuters) - Australian shares may find it hard on Wednesday to extend gains beyond a 21-month high as investors look to skim profits at the end of the month, although miners buoyed by China's growth outlook could stem any falls. * Stock index futures were steady at 4,852.0, a 37-point discount to the underlying S&P/ASX 200 index. On Tuesday, the benchmark index rose 1.1 percent to its highest since April 2011. * New Zealand's benchmark NZX 50 index rose 0.2 percent to 4,210.4 in early trade. * U.S. stocks advanced on Tuesday, led by defensive sectors, in a sign the cash piles recently moving into the market are being put to use by cautious investors to pick up more gains. * Copper edged up as optimism about economic recovery gathered pace following comments over growth in top consumer China, though gains were limited by improved supply prospects and caution ahead of a Federal Reserve policy meeting. * Supermarkets-to-hardware retailer Wesfarmers said December quarter sales at its Coles supermarket chain rose 5.2 percent from a year earlier. ----------------------MARKET SNAPSHOT @ 2138 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1507.84 0.51% 7.660 USD/JPY 90.73 -0.12% -0.110 10-YR US TSY YLD 1.9991 -- 0.034 SPOT GOLD 1663.21 0.54% 8.870 US CRUDE 97.37 0.96% 0.930 DOW JONES 13954.42 0.52% 72.49 ASIA ADRS 135.39 1.36% 1.82 ------------------------------------------------------------- * Defensive sectors lead Wall Street higher * Positive U.S. housing data pushes oil prices up * Gold rises, ending four-day slide; FOMC eyed * Copper up on growth hopes, caution prevails For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Sonali Paul; 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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