Reuters: Hot Stocks: Australia shares up as top miners BHP, Rio gain

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Australia shares up as top miners BHP, Rio gain Jan 1st 2013, 23:18 Tweet Share this Email Print Tue Jan 1, 2013 6:18pm EST MELBOURNE, Jan 2 (Reuters) - Australian shares rose 0.4 percent as trade resumed after the New Year holiday on Wednesday, as top miners gained as iron ore hit an 8-month high, and after the U.S. Senate approved a last-minute deal to avert steep tax hikes and spending cuts. The crucial U.S. budget negotiations continue unresolved though as Republicans in the House of Representatives said they might try to change the bill. The benchmark S&P/ASX 200 index, which ended 2012 up 14.6 percent, its best annual gain since 2009, was up 18.5 points at 4,667.5 by 2313 GMT. Iron ore prices posted the biggest monthly increase on record in December. The benchmark index for 62-percent grade iron ore .IO62-CNI=SI rose $5.50 a tonne to $144.90 a tonne on Monday, its highest level since May 1. U.S. stocks closed out 2012 with their strongest day in more than a month, putting the S&P 500 up 13.4 percent for the year. The New Zealand market remains closed for a holiday on Wednesday. (Reporting by Miranda Maxwell; Editing by Eric Meijer) 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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