Reuters: Hot Stocks: Australia shares up 0.9 pct, eyes on China PMI

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Australia shares up 0.9 pct, eyes on China PMI Feb 25th 2013, 01:31 Tweet Share this Email Print Sun Feb 24, 2013 8:31pm EST (Adds details and comments) SYDNEY, Feb 25 (Reuters) - Australian shares rose 0.9 on Monday, moving back towards a 4-1/2 year high hit last week, lifted by strong financials while mining stocks regained some ground ahead of China manufacturing data after losses last week. The Australian stock market has climbed particularly sharply since November on receding euro zone and U.S. debt concerns, and on a better-than-expected earnings season. Analysts said the Australian market was moving upward on its own momentum, despite a downgrade of Britain's credit rating over the weekend. "I don't think there is anything on the horizon that I see that's going to pull our market back," said Michael Heffernan, a Melbourne-based economist at broker Lonsec. Investors are waiting for the HSBC flash purchasing managers' index (PMI) out of China due out later on Monday, which has been ticking up for four months. "The trend in the manufacturing sector in China over recent months has been quite positive, so I would expect that to continue," Heffernan added. The benchmark S&P/ASX 200 index gained 45.2 points to 5,063.3 by 0058 GMT. The index rose 0.8 percent on Friday, but lost 0.3 percent over the week. BHP Billiton Ltd gained 0.7 percent and Rio Tinto Ltd inched 0.4 percent higher. Fortescue Metals Group Ltd, the world's No. 4 iron ore producer, climbed 1.2 percent. "Increases to Chinese manufacturing will provide a boost to these stocks," said IG Markets strategist Evan Lucas in a note. Financials continued a strong run, with all four major banks trading higher. Westpac Banking Corp led the pack with a 1.5 percent rise, and Commonwealth Bank of Australia, the country's biggest lender, gained 0.7 percent. Some defensive stocks also pushed higher. Supermarket chain Woolworths Ltd jumped 2.0 percent, while rival Coles-owner Wesfarmers Ltd climbed 1.8 percent. New Zealand's benchmark NZX 50 index rose 0.4 percent to 4,232.3. STOCKS ON THE MOVE * Australia's troubled third-ranked television station, Ten Network Holdings, surged 6.8 percent to A$0.32 after it sacked its chief executive late on Friday. (0057 GMT) (Reporting by Maggie Lu Yueyang; Editing by Edwina Gibbs) 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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