Reuters: Hot Stocks: Australian shares rally as weak $AU underpins market, banks gain

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 rally as weak $AU underpins market, banks gain May 20th 2013, 00:17 Sun May 19, 2013 8:17pm EDT SYDNEY May 20 (Reuters) - Australian shares climbed 0.7 percent on Monday as investor sentiment was buoyed on the back of Wall Street hitting fresh record highs and as the weak Australian dollar underpinned stocks exposed to the U.S. market. Companies with largely U.S. dollar-based earnings benefit when profits gained abroad are repatriated. Insurance firm QBE Insurance Ltd jumped 1.8 percent while pallets supplier Brambles Ltd rose 0.7 percent. Financials were also higher: Top lender Commonwealth Bank of Australia rallied 0.9 percent while Westpac Banking Corp gained 0.6 percent. The benchmark S&P/ASX 200 index added 35 points to 5,215.8 by 0012 GMT. The index rose 0.3 percent on Friday. New Zealand's benchmark NZX 50 index added 0.1 percent or 2.8 points to 4,600.7. (Reporting by Thuy Ong; Editing by Eric Meijer)

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