Reuters: Hot Stocks: Australian shares post highest close in 7 weeks; banks lead

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Australian shares post highest close in 7 weeks; banks lead Apr 29th 2013, 06:25 Mon Apr 29, 2013 2:25am EDT (Updates to close) SYDNEY, April 29 (Reuters) - Australian shares rose 0.6 percent to its highest close in seven weeks on Monday, led by strong gains in the banking sector as investors chased high yielding stocks in a session characterized by some caution after Friday's disappointing U.S. first-quarter growth figures. Westpac Banking Corp posted the largest gain in the sector, jumping 1.7 percent while top lender, the Commonwealth Bank of Australia climbed 1.1 percent. The S&P/ASX 200 index rose 28.3 points to finish at 5,125.8, according to the latest data, its highest close since March 8. Despite the modest loss of 0.1 percent on Friday, the market posted its biggest weekly gain since December 2011 of 3.4 percent. Mining stocks underperformed on weak metals prices and renewed concerns about the global growth outlook. Mining heavyweights BHP Billiton Ltd and Rio Tinto Ltd fell 0.1 percent and 0.8 percent respectively. U.S. stocks dipped in thin volume on Friday as U.S. data showed gross domestic product expanded at a 2.5 percent rate in the first quarter, below estimates of 3 percent, heightening fears the economy could struggle to cope with deep government spending cuts and higher taxes that kicked in earlier this year. New Zealand's benchmark NZX 50 index finished the session 0.7 percent or 32.3 points higher to an all-time closing high of 4,580.96. (Reporting by Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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