Reuters: Hot Stocks: Australia shares edge up 0.2 pct, run into resistance

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Australia shares edge up 0.2 pct, run into resistance Feb 3rd 2013, 23:48 Sun Feb 3, 2013 6:48pm EST (Updates with comments, stocks on the move) MELBOURNE Feb 4 (Reuters) - Australian shares extended their winning streak on Monday, rising 0.2 percent after Wall Street hit a five-year high in the previous session as strong economic data buoyed sentiment. The benchmark S&P/ASX 200 index rose 9.1 points to 4,930.2 at 2342 GMT, the 12th gain in 13 sessions and taking the index closer to the psychological 5,000 mark. The index rose 0.9 percent on Friday. Still, the benchmark retreated from its early high of 4,951 as it hit technical resistance after rallying 6 percent this year. It has surged 13.6 percent since the Nov. 19 2012 low as investors look for better returns as interest rates decline. "The current rally is mainly about asset allocation and valuation adjustment rather than improved earnings outlook," said CMC Markets analyst Ric Spooner. He said with many investors overweight cash and bonds, money was coming back into equities as investors chased yield. New Zealand's benchmark NZX 50 index rose 0.1 percent to 4,259.7. STOCKS ON THE MOVE * Shares in Qantas Airways Ltd slipped 0.3 percent after the airline outlined a new strategy for its Asian destinations, including adding flights and capacity to Hong Kong and Singapore and flying to new destinations. 0035 GMT * Iron Ore Holdings slumped 7.1 percent after the firm reached agreement with Fortescue Metals Group on the early termination of Fortescue's exclusive option on Iron Valley, to develop an integrated mine. Fortescue was up 1.3 percent at A$4.85. 0030 GMT (Reporting by Victoria Thieberger; Editing by Richard Pullin) Link this Share this Digg this Email Reprints

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