Reuters: Hot Stocks: Australia shares flat ahead of China data, NZ hits all-time high

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Australia shares flat ahead of China data, NZ hits all-time high Mar 8th 2013, 01:03 Thu Mar 7, 2013 8:03pm EST (Adds details, comments, stocks on the move) SYDNEY/WELLINGTON, March 8 (Reuters) - Australian shares were trading flat on Friday as gains in the miners on firm metal prices and a Wall Street rally were offset by the financials as investors remained cautious ahead of data from China due out later on Friday. "We're just seeing a bit of caution ahead of that data and of course once its released we could see the market get back to where it was earlier, up about 0.3 or 0.4 percent," said Stan Shamu, market strategist at IG Markets. The S&P/ASX 200 index was 1.9 points higher at 5,111.1 by 0047 GMT. The index slipped 0.2 percent on Thursday. Financials dragged on the market, with top lender the Australia New Zealand Banking Group posting the biggest fall, losing 0.5 percent. "Investors are a bit nervous getting into fresh positions when they're this elevated and they might be waiting to buy on the dips, this will be what's weighing on banks today," Shamu said. Blue chip miners BHP Billiton Ltd and Rio Tinto Ltd climbed 0.4 percent and 1.5 percent respectively. BHP Billiton responded to China's allegations of manipulating the market, saying that it was committed to a transparent iron ore market. Oil miners were firmer, Woodside Petroleum was up 0.4 percent and Santos rallied 1 percent. U.S. crude gained more than $1 a barrel on Thursday as data showed an unexpected drop in U.S. unemployment claims and the dollar index weakened. Gold miners also helped trim losses, Beadell Resources Ltd surged 13.6 percent and Perseus Mining Ltd soared 5.4 percent. Newcrest Mining Ltd was up 0.7 percent. Insurance companies were weaker, Insurance Australia Goup and QBE Insurance losing 1.1 percent and 0.4 percent respectively. New Zealand's benchmark NZX 50 index gained 0.4 percent or 16.6 points to 4,350, an all-time high, surpassing its previous high hit in May 2007. New Zealand's biggest listed retailer, the Warehouse Ltd, surged 7.7 percent to NZ$3.77, its highest level since December 2010, after reporting a strong rise in first half profit and forecast a solid lift in its year result on improved trading and acquisitions. STOCKS ON THE MOVE * Renaissance Minerals surged 9.4 percent to A$0.18 after announcing a 1.2 million ounce gold resource for its Okvau deposit in Cambodia. (0051 GMT) * Leighton Holdings Ltd dropped 1.7 percent to A$21.60 after its subsidiary snared a $120 million deal to work on a rail extension from Epping to Thornleigh in Sydney. (0051 GMT) * Macquarie Bank jumped 1.9 percent to A$38.35 after West Africa-focused gold company Avocet Mining Plc said it was in talks with the bank to restructure its finances after it found that reserves at its only producing mine were smaller than estimated. (0052 GMT) (Reporting By Thuy Ong and Gyles Beckford; Editing by Eric Meijer) Link this Share this Digg this Email Reprints

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