Reuters: Hot Stocks: Australia shares push higher on miners; China PMI, yield in focus

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Australia shares push higher on miners; China PMI, yield in focus Feb 1st 2013, 01:25 Thu Jan 31, 2013 8:25pm EST (Updates with comments, stocks on the move) MELBOURNE Feb 1 (Reuters) - Australian shares resumed their upward climb on Friday, rising 0.7 percent as major mining stocks gained on another jump in iron ore prices and foreign investors continued to chase high-yielding stocks. Global miners BHP Billiton rose 1.0 percent and Rio Tinto was up 1.4 percent. The market surged 4.9 percent in January -- building on a 3.2 percent rise in December and the biggest monthly percentage gain since January 2012. "Australia is a high-yielding country and there are a lot of foreign funds coming here and that is supporting the market," said Macquarie Equities division director Lucinda Chan. She said blue-chip shares with good dividend yields were in favour ahead of company reporting season, pointing to a 2.1 percent jump for National Australia Bank on Friday and a 1.0 percent gain for telecom firm Telstra Corp. The benchmark S&P/ASX 200 index gained 33.7 points at 4,912.5 at 0102 GMT, its highest intraday level since April 27, 2011. The index fell 0.4 percent on Thursday to break a 10-day run of gains. The index slipped slightly after the release of softer-than-expected Chinese purchasing managers' data, after a run of recent solid economic figures. "The recent Chinese numbers show that things are not as ugly as people have feared," Chan said. New Zealand's benchmark NZX 50 index slipped 3.1 points to 4,249.5. STOCKS ON THE MOVE * Shares in outdoor clothing and camping gear retailer Kathmandu Holdings jumped 4.8 percent after the firm raised its first-half profit guidance based on same-store sales growth of 6.1 percent. 0045 GMT * Karoon Gas Australia Ltd jumped 4 percent, a day after announcing an oil find at its Kangaroo 1 well in Brazil. 0045 GMT (Reporting by Victoria Thieberger; Editing by Jacqueline Wong) Link this Share this Digg this Email Reprints

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