Reuters: Hot Stocks: Australia shares hit new 4-1/2 year highs on GDP data

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Australia shares hit new 4-1/2 year highs on GDP data Mar 6th 2013, 01:29 Tweet Share this Email Print Tue Mar 5, 2013 8:29pm EST (Adds details, comments, stocks on the move) SYDNEY, Mar 6 (Reuters) - Australian shares climbed 1.1 percent on Wednesday to fresh 4 1/2 year highs after a record close on Wall Street, with banks and miners leading the index as upbeat domestic data and signs of steady growth in China buoyed investor confidence. Australia's economy grew a moderate 0.6 percent last quarter, with gross domestic product just above expectations and still well ahead of most of the developed world. "We've seen the market move up on the back of GDP data," said Chris Weston, chief market strategist at IG Markets. "It now gets priced into the market that we're growing slightly better than what we had been anticipating." The S&P/ASX 200 index was 54.6 points higher at 5,130 at 0119 GMT. The benchmark is enjoying a bull run and is up 10.3 percent for the year on a strong corporate earnings season and optimism for the global economy. "I think a lot depends on what happens in the U.S. ... there will be pullbacks but there's a lot of confidence in the market," Weston said. "Every pullback has been supported the next day." Financials led the index higher with Westpac Banking Corp rising to all-time highs and posting the biggest gain of 2.2 percent. Blue chip miners BHP Billiton Ltd climbed 1.4 percent while Rio Tinto Ltd inched up 0.1 percent. Oil miners also gained, with Woodside Petroleum adding 1.5 percent and Santos 1.3 percent. Brent crude broke a five-day losing streak on Tuesday, rising by more than 1 percent toward $112 a barrel on optimism over Chinese demand, record-high U.S. equities and North Sea supply disruptions. The Dow Jones industrial average hit a record closing high on Tuesday, breaking through levels last seen in 2007. New Zealand's benchmark NZX 50 index climbed 0.7 percent or 31.8 points to 4,301. STOCKS ON THE MOVE * Whitehaven Coal rose 5.1 percent to A$2.67. "Risk on and probably a bit of short covering, stock like Whiteahven is quite volatile, it is quite susceptible to 5 percent moves," said Weston. (0117 GMT) * Aditya Birla Minerals, part of India's Aditya Birla Group, dropped 1 percent after shutting the smaller of its two Australian copper mines as it is struggling to make money at current copper prices. (0118 GMT) (Reporting By Thuy Ong; Editing by Stephen Coates) 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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