Reuters: Hot Stocks: Australian shares edge higher on strong banks, miners cap gains

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Australian shares edge higher on strong banks, miners cap gains May 16th 2013, 00:19 Wed May 15, 2013 8:19pm EDT SYDNEY May 16 (Reuters) - Australian shares edged 0.4 percent higher on Wednesday as support from another record on Wall Street and a strong financial sector underpinned the market, but gains were offset by a slump in miners on the back of weaker metals prices. Top lender the Commonwealth Bank of Australia rallied 1.3 percent while Westpac Banking Corp tacked on 0.6 percent. The banking sector stocks have surged in recent weeks on strong buying led by attractive dividend yields and robust earnings. The benchmark S&P/ASX 200 index gained 15.6 points to 5,207.3 by 0013 GMT. The index fell 0.6 percent on Wednesday. BHP Billiton Ltd and Rio Tinto Ltd slipped 0.3 percent and 0.8 percent respectively. Gold miner Newcrest Mining Ltd plumbed 5 percent to 8-year lows. Copper slid to its lowest in nearly two weeks and gold dropped below $1,400 an ounce overnight. New Zealand's benchmark NZX 50 index slipped 0.2 percent or 11.4 points to 4,634.9. (Reporting by Thuy Ong; Editing by Shri Navaratnam)

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