Reuters: Hot Stocks: Australia shares rise to fresh 21-month high

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Australia shares rise to fresh 21-month high Jan 30th 2013, 02:25 Tweet Share this Email Print Tue Jan 29, 2013 9:25pm EST MELBOURNE, Jan 30 (Reuters) - Australian shares rose 0.3 percent to a fresh 21-month high on Wednesday, as top miners climbed on firmer copper prices and insurers bounced back. The index is headed for its 10th straight day of gains. "Shares are probably the most attractive asset," said Shane Oliver, head of investment strategy at AMP Capital. "Despite the rebound over the last year, Australian shares are offering relatively attractive starting-point dividend yields," he said. The benchmark S&P/ASX 200 index was up 13 points at 4,902.6 by 0140 GMT, its highest since April 28, 2011. On Tuesday, it rose 1.1 percent. New Zealand's benchmark NZX 50 index rose 0.7 percent to 4,229.997. STOCKS ON THE MOVE: * Insurance Australia Group Ltd recovered 1.2 percent to A$4.99 after it said it had so far received around 5,600 claims arising from severe weather due to ex-tropical cyclone Oswald but catastrophe reinsurance limited its exposure to a first event to A$150 million. Analysts upgraded earnings per share forecasts after they lowered natural perils costs for the first-half 2013, due to be reported on Feb. 21. 0145 GMT * Top miner BHP Billiton rose 1 percent to A$37.55, helped as China's top think tank raised its economic growth forecast for 2013.. 0145 GMT * Beadell Resources rose 6.4 percent to A$1 after it said gold shipments had increased from its newly commissioned Tucano Gold Mine in Brazil. 0143 GMT * Supermarkets-to-hardware retailer Wesfarmers dropped 2.2 percent to A$37.96 after reporting same-store December quarter sales at its Coles supermarket chain rose 3.9 percent from a year earlier, a touch softer than analyst forecasts. Wesfarmers cut its full-year coal sales forecast, citing flooding in Australia that has affected production and weak demand in Asia that is depressing sales prices. 0143 GMT * AWE Ltd rose 6 percent to A$1.24 after it said oil and gas operations delivered net production of 1.3 million boe for the 3 months to December, and sales revenue was A$77 million for the quarter. 0143 GMT * Vita Group Ltd rose 5.3 percent to A$0.50 after it said co-founder and current joint Chief Executive Officer Maxine Horne would become sole head of the group. 0143 GMT (Reporting by Miranda Maxwell; Editing by Jacqueline Wong) 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.

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