Reuters: Hot Stocks: Australia shares up in broad rally, Wall St underpins market

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Australia shares up in broad rally, Wall St underpins market May 20th 2013, 01:45 Sun May 19, 2013 9:45pm EDT (Adds details, comments, stocks on the move) SYDNEY May 20 (Reuters) - Australian shares climbed 1.1 percent on Monday in a broad rally after upbeat U.S. economic data pushed Wall Street to record highs and as stocks with large exposure to the U.S. market gained on a weaker Australian dollar. "It's a broadbased rally, the overnight news was very positive and indicators are strong," said Martin Lakos, division director at Macquarie Bank. "So we expect the market to hold at these levels." The S&P/ASX 200 index climbed 55.6 points to 5,236.4 by 0119, hovering just below five-year highs reached last week. The index rose 0.3 percent on Friday. Companies with largely U.S. dollar-based earnings benefit when profits gained abroad are repatriated. Insurance firm QBE Insurance Ltd jumped 2.6 percent while pallets suplier Brambles Ltd rallied 1.4 percent. Westfield Group added 1.6 percent and ResMed Inc rose 0.8 percent. The Australian dollar clawed back from a near one-year low against the U.S. dollar on Monday, but risks more losses if growing signs of an improving U.S. economy further boosts the greenback. Global iron ore miners edged higher as copper rose on the back of tentative signs of improved metals demand in top consumer China. BHP Billiton Ltd and Rio Tinto Ltd jumped 1.5 percent and 1 percent respectively. But gold miners lost ground as bullion fell for a seventh session after Federal Reserve officials said the central bank should end its stimulus for the U.S. economy. Newcrest Mining Ltd slipped 0.3 percent while Regis Resources Ltd fell 0.6 percent. New Zealand's benchmark NZX 50 index rose 0.3 percent or 13 points to 4,610.8. U.S. stocks continued their climb into uncharted territory on Friday, racking up a fourth week of gains in a row as encouraging economic data prompted investors to pick up shares of growth companies. STOCKS ON THE MOVE * Leighton Holdings Ltd soared 3.6 percent to A$18.67 after Australia's biggest construction company affirmed its earnings guidance to deliver a full year of underlying net profit after tax (NPAT) of $520 to $600 million at its annual general meeting on Monday. (0121 GMT) * Energy World Corporation Ltd rocketed 15.7 percent to an 8-month high of A$0.48 after the company released a report indicating traces of hydrocarbons have been found in its Sheoak 2 oil and gas exploration well. (0122 GMT) * Grange Resources Ltd surged 11.4 percent to A$0.195 after Chief Executive Richard Mehan told local Fairfax media that the recent 8 percent fall in the Australian dollar would probably cause a significant 40 percent lift in the mining company's earnings. (0124 GMT) (Reporting by Thuy Ong; Editing by Edwina Gibbs) Link this Share this Digg this Email Reprints

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