Reuters: Hot Stocks: Australia shares edge up on offshore gains during holiday break

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Australia shares edge up on offshore gains during holiday break Jun 11th 2013, 02:18 Mon Jun 10, 2013 10:18pm EDT (Adds details, comments, stocks on the move) SYDNEY, June 11 (Reuters) - Australian shares rose 0.2 percent on Tuesday as the market, reopening after a public holiday, responded to offshore rallies the previous day. Investors were encouraged by U.S. jobs data last Friday and by Japan's Nikkei average posting its biggest one-day rise since March 2011 on Monday. The S&P/ASX 200 index .AXJO rose 10.4 points to 4,748.2 by 0209 GMT. The index fell 5.1 percent in May and is off 3.7 percent this month. "The selloff is increasingly looking overdone," said Tim Radford, global analyst at Rivkin. "While concerns surrounding slowing growth in China and a worsening outlook for commodity prices deplete investor sentiment, short-term value-seeking will eventually see this decline reverse," he said. The index lost 3.8 percent last week on concerns over slowing growth in China, fear the Federal Reserve will wind back its stimulus this year and volatility in Japanese equities. On Tuesday, defensives helped underpin the market. Consumer retail staples Woolworths Ltd climbed 1.1 percent while rival Wesfarmers Ltd added 1 percent. Blood products maker CSL Ltd jumped 2.4 percent. Santos added 1.6 percent after the gas utility announced a gas discovery in Browse Basin on Friday. Global miners shed early gains. BHP Billiton Ltd slipped 0.5 percent while Rio Tinto Ltd lost 0.8 percent on weak Chinese data over the weekend. Gold miners sank after bullion slipped in early Asian trading on Tuesday. Newcrest Mining Ltd and Regis Resources Ltd tumbled 2.8 percent and 2.6 percent respectively. Australian business confidence remained lacklustre in May as improving activity in manufacturing, wholesaling and construction was offset by weakness in mining, a survey showed on Tuesday. U.S. stocks ended little changed in weak volume on Monday, pausing after the previous session's strong gains and getting only a brief boost when the United States' credit outlook was revised to stable from negative. New Zealand's benchmark NZX 50 index slipped 0.2 percent or 8.2 points to 4,465.1. STOCKS ON THE MOVE * NRW holdings dropped 9.3 percent to A$0.98, its lowest point since July 2010, after the resources and infrastructure contractor cut its full-year revenue profit forecasts. (0148 GMT) * G8 Education Ltd surged 6.3 percent to A$2.52 after announcing it has acquired 17 premium childcare and education centres for a total purchase price of $24 million. (0148 GMT) * Bionomics tumbled 3.9 percent to A$0.37 after the company announced it has completed enrollment for its renal cancer trial but would need sufficient data from clinical trials before announcing any partnerships it has planned. (0147 GMT) * ERM Power Ltd dropped 5.3 percent to A$2.51 after the company said it had completed a share placement to institutional and sophisticated investors, raising $60 million. (0148 GMT) * Shares in stock exchange operator ASX Ltd were on a trading halt ahead of a A$553 million equity raising. (0147 GMT) (Reporting by Thuy Ong; Editing by Richard Borsuk) Link this Share this Digg this Email Reprints

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