Reuters: Hot Stocks: Australia shares hit 4-1/2 yr high, await BHP results

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Australia shares hit 4-1/2 yr high, await BHP results Feb 19th 2013, 06:03 Tweet Share this Email Print Tue Feb 19, 2013 1:03am EST (Adds details, comments) SYDNEY, Feb 19 (Reuters) - Australian shares ended 0.4 percent up at a fresh 4-1/2 year high on Tuesday, continuing a recent rally on better-than-expected corporate earnings. BHP Billiton Ltd rose 0.9 percent ahead of its first half results, due on Wednesday morning. Rio Tinto Ltd eased 0.5 percent. "The market just waits for more instructions from the macro and fundamentals, like BHP," said Biyi Cheng, head of Asia Pacific dealing at City Index. "That will give us some indication of how the mining sector performs." The benchmark S&P/ASX 200 index gained 18.5 points to 5,081.9, according to the latest data, which is the highest since September 3, 2008. The index rose 0.6 percent on Monday. The local market lacked any lead from Wall Street overnight as U.S. markets were closed for a public holiday. The major banks held their ground, led by a 0.4 percent gain in Commonwealth Bank of Australia. Both Westpac Banking Corp and National Australia Bank recovered from earlier losses to return to positive territory. Energy stocks had a better run, with Australia's top oil and gas producers Woodside Petroleum Ltd adding 1.7 percent and Santos Ltd gaining 1.5 percent. Some high-yielding defensive stocks also pushed higher, with telecommunications company Telstra Ltd rising 1.3 percent and blood products maker CSL Ltd climbing 1.6 percent. Ports and rail operator Asciano closed 1.9 percent higher, after it reported a 74.1 percent rise in half year profit after tax. Coca Cola Amatil climbed nearly 2.0 percent after it posted full year total revenue of A$5.18 billion, up 6.3 percent. Macmahon Holdings Ltd dropped 5.6 percent after it rejected the latest offer from Sembawang, a unit owned by India's Punj Lloyd Ltd. Sonic Healthcare Ltd dived 8.5 percent after it said it expects a full-year result at the lower end of its previous forecast. APN News & Media dropped 8.3 percent, after the company's chief executive, chairman and independent directors resigned late on Monday as major shareholder Independent News & Media said it had lost confidence in the management and scuppered a planned capital raising. New Zealand's benchmark NZX 50 index rose 0.7 percent to 4,244.2. (Reporting By Maggie Lu Yueyang and Thuy Ong; Editing by Eric Meijer/Simon Cameron-Moore) 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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