Reuters: Hot Stocks: Australian shares jump on Wall St, 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 jump on Wall St, miners cap gains Jun 27th 2013, 01:49 Wed Jun 26, 2013 9:49pm EDT (Adds analysis, quotes, stocks on the move) SYDNEY, June 27 (Reuters) - Australian shares jumped 1.3 percent on Thursday, buoyed by Wall St's overnight rally even as investors looked for direction on economic policy after a surprise change of prime minister. Financials were firmer with top lender the Commonwealth Bank of Australia jumping 1.3 percent while Westpac Banking Corp climbed 1.4 percent. Kevin Rudd was sworn in as Australian prime minister for the second time on Thursday, a day after toppling Julia Gillard and three months out from scheduled elections that the ruling Labor Party is tipped to lose. "The further Kevin Rudd delays communication on his policy stance and intended election date, the more uncertainty we'll likely see generated across Australian financial markets," said Tim Radford, global analyst at Rivkin Securities. Flagship telecommunications provider Telstra Ltd rallied 1.7 percent while blood products maker CSL Ltd added 1.4 percent. Consumer retail staples Woolworths Ltd and Wesfarmers Ltd soared 1.8 percent and 2.5 percent respectively, signalling a strong appetite for defensives. The S&P/ASX 200 index climbed 59.6 points to 4,791.3 by 0125 GMT. The benchmark snapped a four-day losing streak and jumped 1.6 percent on Wednesday. Australian stocks have been hit hard in recent sessions, pulled down from a year-high of 5,249.6 points set on May 15 by concerns about the U.S. Federal Reserve's plans to curtail its stimulus and a cash crunch in China. Miners were trading lower, capping the market's overall gains as copper slipped on worries about the outlook for demand from major export market China. BHP Billiton Ltd and Rio Tinto Ltd tumbled 1 percent and 1.1 percent respectively. Rio Tinto has suspended coal shipments from northwest Mozambique after the opposition Renamo party, a former guerrilla group, threatened to disrupt the Sena railway "coal corridor" to the Indian Ocean. U.S. stocks rallied for a second day on Wednesday, recouping some recent losses on reduced concern that the Federal Reserve will begin to withdraw its stimulus in the near future. New Zealand's benchmark NZX 50 index rose 0.5 percent or 23.9 points to 4,417.1. STOCKS ON THE MOVE * Grain handler GrainCorp rose 0.2 percent to A$12.57. Archer Daniels Midland Co's takeover of the bulk grain handler overcame its first regulatory hurdle after Australia's competition watchdog said it would not oppose the A$3 billion ($2.8 billion) deal. (0125 GMT) (Reporting by Thuy Ong; Editing by Stephen Coates) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions