Reuters: Hot Stocks: Australian shares rise, close at fresh five-year high

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 rise, close at fresh five-year high May 14th 2013, 06:23 Tue May 14, 2013 2:23am EDT SYDNEY May 14 (Reuters) - Australian shares edged up 0.2 percent on Tuesday as a weaker Australian dollar lifted companies with high exposure to the U.S. market, but trading was subdued ahead of the federal budget announcement later in the day. The S&P/ASX 200 index finished the session 10.7 points higher at 5,221, not far from the intraday five-year high of 5,242 marked last week. A total of 638.4 million shares traded hands. Australia will release its annual federal government budget at 0930 GMT, with expectations of a A$17 billion deficit this year and A$10 billion in 2013/14. Stocks with a large exposure to the U.S. markets rallied after the Australian dollar hit its lowest point in 11 months on Monday. Property and casualty insurer QBE Insurance climbed 2.3 percent, Brambles soared 3.1 percent while biotechnology firm CSL Ltd jumped 1.2 percent. New Zealand's benchmark NZX 50 index lost early gains to finish the session 0.6 percent or 25.8 points lower at 4,645.9. (Reporting by Thuy Ong; Editing by Kim Coghill)

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