Reuters: Hot Stocks: Australia shares seen extending gains

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Australia shares seen extending gains Jan 2nd 2013, 22:38 MELBOURNE | Wed Jan 2, 2013 5:38pm EST MELBOURNE Jan 3 (Reuters) - Australian shares are likely to extend gains on Thursday after copper, gold, oil and U.S. stocks all spiked higher on relief after U.S. lawmakers signed off on a budget deal that averted fears the world's largest economy could slip into recession. * Local share price index futures rose 28 points to 4,712, an 6 point premium to the underlying S&P/ASX 200 index close of 4,705.94. * The benchmark index rose 1.2 percent to a 19-month high on Wednesday, its biggest one-day percentage gain in five months. * New Zealand's benchmark NZX 50 index rose 0.7 percent to 4,095.4 as trade resumed after holidays. * U.S. stocks kicked off the new year with their best day in over a year on relief over a last-minute deal in Washington to avert the "fiscal cliff" of tax hikes and spending cuts that threatened to derail economic growth. * Miners such as BHP Billiton and Rio Tinto may extend their rally to 11-month highs after copper rose to its highest in more than two months. * Gold producers such as Newcrest Mining and energy firms such as Woodside Petroleum may also attract buyers after broad gains across commodities. ----------------------MARKET SNAPSHOT @ 2144 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1462.42 2.54% 36.230 USD/JPY 87.24 0.66% 0.570 10-YR US TSY YLD 1.8353 -- 0.079 SPOT GOLD 1685.79 0.67% 11.250 US CRUDE 92.94 1.22% 1.120 DOW JONES 13412.55 2.35% 308.41 ASIA ADRS 136.05 2.71% 3.59 ------------------------------------------------------------- * Wall St rallies to kick off 2013 after 'cliff' deal * Oil rises on US fiscal deal, hits highest since Oct * Gold up after U.S. budget deal but seen vulnerable * Copper rallies on U.S. fiscal deal and China data For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Miranda Maxwell; Editing by John Mair) Link this Share this Digg this Email Reprints

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