Reuters: Hot Stocks: Australia shares buoyed by miners thriving on Chinese demand

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Australia shares buoyed by miners thriving on Chinese demand Jul 23rd 2013, 02:16 Mon Jul 22, 2013 10:16pm EDT (Adds analysis, quotes, stocks on the move) SYDNEY, July 23 (Reuters) - Australian shares rose 0.5 percent on Tuesday, buoyed by financial and mining stocks riding on healthy Chinese demand, though gains were restricted by investors' caution ahead of the reporting season. Miners traded higher after copper rose for a third day to its highest level in more than one month. BHP Billiton Ltd rose 0.9 percent while Rio Tinto Ltd added 0.5 percent. Fortescue Metals Group rose 0.5 percent after reporting June quarter shipments of 25 million tonnes, a 24 percent increase on the prior quarter. Gold miners were also stronger after bullion traded near its highest in a month. Newcrest Mining Ltd soared 7 percent while Regis Resources Ltd rallied 1.4 percent. Chinese trade data showed that refined copper immports rose to 277,696 tonnes in June, up 11.04 percent from the same period last year, recovering after a drop of 23.15 percent in May. Financials also helped buoy the market. Australia and New Zealand Banking Group edged 0.2 percent higher while top lender the Commonwealth Bank of Australia rose 0.5 percent. The S&P/ASX 200 index rose 24.8 points to 5,026.7 by 0203 GMT. The benchmark rose 0.6 percent on Monday. The market has recovered from a June 25 trough of 4,632.3 as initial worries about how quickly the U.S. Federal Reserve would taper its quantitative easing have been reassessed. The index has hovered around the 5,012 resistance level for several sessions, the 61.8 percent retracement level of its fall from a five-year peak of 5,249.6 set on May 15 to the June low, but it has so far been unable to close above the resistance level. "Investor outlook is wedged between expectations of ongoing valuation support from central bank monetary policies on the one hand, but moderate prospects for economic and profit growth on the other," Ric Spooner, chief market analyst at CMC Markets, said in a note. Defensives were stronger. Blood products maker CSL Ltd climbed 1.1 percent and consumer retail staples Wesfarmers Ltd added 0.8 percent. On Wall Street, the S&P 500 notched a third consecutive record closing high on Monday and major indexes rose, though disappointing McDonald's earnings kept the Dow from making significant gains. New Zealand's benchmark NZX 50 index rose 0.5 percent or 24 points to 4,578. STOCKS ON THE MOVE * Incitec Pivot added 0.7 percent to A$2.71 after the company said its ammonia plant at Phosphate Hill will remain offline until the middle of next week, and the estimated earnings impact is in the region of $23.5 million after tax. (0202 GMT) * Gold One International Ltd rocketed 33.3 percent to 10-week highs of A$0.20 after BCX Gold increased its shareholding in the company beyond 90 percent. (0202 GMT) (Reporting by Thuy Ong; Editing by Simon Cameron-Moore) Link this Share this Digg this Email Reprints

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