Reuters: Hot Stocks: Australia shares up 0.5 pct; miners bounce on China PMI

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Australia shares up 0.5 pct; miners bounce on China PMI Jan 24th 2013, 03:10 Tweet Share this Email Print Wed Jan 23, 2013 10:10pm EST MELBOURNE, Jan 24 (Reuters) - Australian shares rose 0.5 percent in afternoon trade on Thursday, reversing earlier losses, as a measure of growth in China's factory sector accelerated to a two-year high in January, boosting local miners. The HSBC flash purchasing managers' index (PMI) rose to 51.9 in January, the highest since January 2011.. The positive read from China, Australia's top export market, helped BHP Billiton recover earlier losses. The benchmark S&P/ASX 200 index was up 24.7 points at 4,812.5 by 0248 GMT. It rose 0.2 percent to 4,787.8 on Wednesday, the highest close in almost 21 months. "Resistance levels are going to kick in. We expected a positive day, however watch for profit-taking as we enter 4,800 to 4,810," said Evan Lucas, strategist at IG Markets. Top banks were all higher, led by a 1.5 percent rise in National Australia Bank. The country's leading telecommunications company Telstra Corp gained 1.1 percent. New Zealand's benchmark NZX 50 index inched up 0.1 percent to 4,193.0. STOCKS ON THE MOVE: * BHP Billiton rose 0.3 percent to A$37.16, recouping earlier losses on the China manufacturing data. BHP had fallen in early trade. Citi lowered its recommendation on the stock to "neutral". (0243 GMT) * Fortescue Metals Group Ltd, Australia's third-biggest iron ore miner, rose 0.3 percent to A$4.68, after it said it lifted shipments by 32 percent in the December quarter from a year ago. (0243 GMT) * Shares in Australia's Linc Energy surged 27.3 percent to A$2.75, a day after it said two independent reports had confirmed it is sitting on potentially large resources of shale oil in South Australia. (0243 GMT) * OZ Minerals Ltd slid 6.6 percent to A$6.83 after the company posted a drop in its December quarter production. [ID:nWNAS000WV) (0242 GMT) (Reporting by Miranda Maxwell and Maggie Lu Yueyang; Editing by Muralikumar Anantharaman) 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.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions