Reuters: Hot Stocks: Australia shares edges up as weaker Aussie dlr underpins, NZ hits record highs

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Australia shares edges up as weaker Aussie dlr underpins, NZ hits record highs May 14th 2013, 02:00 Mon May 13, 2013 10:00pm EDT (Adds details, comments, stocks on the move) SYDNEY May 14 (Reuters) - Australian shares edged 0.2 percent higher on Tuesday after a softer Australian dollar lifted companies with a high exposure to the U.S. markets, but a weak outlook for iron ore prices weighed on mining stocks. Companies whose earnings are largely U.S. dollar based benefit when profits gained abroad are repatriated. Building products maker James Hardie rallied 1.1 percent while QBE Insurance Group jumped 1.6 percent. Westfield Group edged 0.2 percent higher and pallets supplier Brambles Ltd climbed 2.8 percent. "I think what we've seen going on recently is just some response to stocks benefiting from the weaker Australian dollar [which has underpinned the market to fresh five year highs]", said Ric Spooner, market strategist at CMC Markets. "Apart form that we've had a general run of fairly favourable news in terms of economic statistics." The Australian dollar wobbled near an 11-month low of $0.9940 hit on Monday, facing headwinds from a fall in commodity prices. The S&P/ASX 200 index rose 13.2 points to 5,223.5 by 0143 GMT, hovering not far from a five-year high of 5,242 marked last week. The index edged up 0.1 percent on Monday. "I would say that there is some risk to the downside in markets at these levels," Spooner said. "I think if we get good news we could extend this rally but the higher we go the greater the risk becomes." Global miners BHP Billiton Ltd and Rio Tinto Ltd slipped 0.1 percent and 0.2 percent respectively. Spot iron ore prices are seen slipping to fresh lows for the year this week amid signs that top importer China's appetite for the raw material is waning. Financials were trading mostly firmer. Top lender Commonwealth Bank of Australia climbed 1.1 percent while National Australia Bank inched 0.1 percent higher. New Zealand's benchmark NZX 50 index added 0.1 percent or 3.8 points to fresh record highs of 4,675.4 as both offshore and domestic demand has been boosted by record low interest rates, and on the view that New Zealand's economy is faring much better than other developed countries. STOCKS ON THE MOVE * Nexus Energy Ltd jumped 3.7 percent to A$0.14 after the company agreed with Santos to amend its Longtom Gas sales agreement. (0140 GMT) * Chandler Macleod Group Ltd slumped 10.5 percent, its biggest one-day loss in three years, to A$0.51. The company said it expects its full year net profit after tax before restructuring and acquisition costs to be in a range of $17 million to $19 million. (0140 GMT) * Elemental Minerals Ltd surged 12.8 percent to A$0.44 after the company said it has been notified by Dingyi Investment Group that due diligence has been substantially completed. (0142 GMT) (Reporting By Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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