Reuters: Hot Stocks: Australia shares regain some ground after steep losses on Cyprus

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Australia shares regain some ground after steep losses on Cyprus Mar 19th 2013, 00:28 Mon Mar 18, 2013 8:28pm EDT (Adds details, comments, stocks on the move) SYDNEY, March 19 (Reuters) - Australian shares rose 0.6 percent in midday trade on Tuesday as Cypriot ministers worked to revise a bailout scheme, regaining some ground after the plan to seize money from bank accounts spooked markets a day earlier. The S&P/ASX 200 index was 31.4 points higher at 5,047.3 by 2357 GMT. The benchmark dropped 2.1 percent on Monday, its largest one-day drop in 4 weeks. "Today's initial relief rally is likely to be limited. Investor confidence will be tempered by the risk that the Parliament in Cyprus may increase Euro concerns by failing to approve the proposed bank levy," Ric Spooner, chief market analyst at CMC Markets, said in emailed comments. He added that if the situation in Europe settled down, the market would stay between 4,975 and the high 5,100s for a while. Financial stocks led gainers, with the top lender, the Commonwealth Bank of Australia jumping 1.1 percent. National Australia Bank climbed 1.5 percent. Bluechip iron ore miners were also firmer. BHP Billiton Ltd rose 0.8 percent while Rio Tinto Ltd gained 0.7 percent. Gold miners helped support gains after gold prices hit their highest level since late February as some investors were drawn to the precious metal's safe haven properties amid the Cyprus news. Newcrest Mining and Regis Resources Ltd climbed 1.5 percent and 1.6 percent respectively. Defensives were mostly firmer. Gas provider AGL Energy rose 0.4 percent and top telecoms provider Telstra Ltd edged up 0.1 percent. Woolworths Ltd dropped 1 percent after trading ex-dividend, rival chain Wesfarmers added 0.4 percent. New Zealand's benchmark NZX 50 index inched up 0.1 percent or 5.6 points, to 4,346.6. STOCKS ON THE MOVE * Lynas Corp surged 2.9 percent to A$0.60 after the company said a Malaysian court had dismissed a challenge by protesters against its long-delayed rare earth processing plant. (2359 GMT) * New Hope Corp rose 1.2 percent to A$3.87 after the company said it expects weak coal markets and a strong Australian dollar will have a negative impact on revenue and margins in the second half. (0000 GMT) * Otto Energy Ltd fell 1.1 percent to A$0.09 after its drilling preparations after delays in obtaining regulatory approvals. (0000 GMT) (Reporting by Thuy Ong; Editing by Edwina Gibbs) Link this Share this Digg this Email Reprints

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