Reuters: Hot Stocks: Australian shares lose early gains, caution ahead of RBA meeting

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Australian shares lose early gains, caution ahead of RBA meeting May 6th 2013, 06:34 Mon May 6, 2013 2:34am EDT (Updates to close) SYDNEY May 6 (Reuters) - Australian shares rose 0.5 percent on Monday, buoyed by Wall Street's record highs after a surprisingly robust U.S. jobs report, but weak Chinese data and caution ahead of the Australian central bank's board meeting capped gains. Global miners BHP Billiton Ltd jumped 2.8 percent while rival Rio Tinto Ltd rose 3.1 percent as Shanghai copper futures jumped by their 5 percent daily limit on Monday. Mirabela Nickel climbed 50 percent To A$0.165, reversing a near -uninterrupted decline since early February. The S&P/ASX 200 index added 26.7 points to finish at 5,156.2 after reachiing an intraday high of 5,201.3. The market last traded above 5,200 points in July 2008. The index fell 0.6 percent last week and finished flat on Friday. A total of 541.3 million shares traded hands in a subdued session. Growth in China's services sector slowed sharply in April to its lowest point since August 2011, a private sector survey showed on Monday - fresh evidence of rising risks to a revival in Australia's biggest export market. The Reserve Bank of Australia is due to meet on Tuesday and a Reuters poll of 21 economists last week found only four were tipping an easing. However, markets think it will be a closer call, and are pricing in a 50-50 chance of an easing to 2.75 percent. New Zealand's benchmark NZX 50 index finished the session 1.1 percent or 51.9 points higher to 4,596.2. (Reporting by Thuy Ong; Editing by) Link this Share this Digg this Email Reprints

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