Reuters: Hot Stocks: Banks lift Australia shares, central banks in focus

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Banks lift Australia shares, central banks in focus Jul 29th 2013, 01:49 Sun Jul 28, 2013 9:49pm EDT (Adds analysis, quotes, stocks on the move) SYDNEY, July 29 (Reuters) - Gains in banks lifted Australian shares 0.3 percent on Monday, keeping the market near two-month highs as investors waited for an update on the outlook for U.S. policy at a Federal Reserve meeting this week. Westpac Banking Corp and National Australia Bank rose 1 percent and 0.5 percent, respectively. Australia and New Zealand Banking Group was up 0.7 percent. "I think [investors are] continuing to buy into banks in anticipation of interest rate cuts in Australia," said Ric Spooner, chief market analyst at CMC Markets. The market is currently pricing in a 77 percent chance of a rate cut at the Reserve Bank of Australia's policy review next week. The main focus this week is the U.S. Federal Reserve's policy statement on Wednesday, which markets will examine for signs on when it will begin to taper its massive stimulus. The S&P/ASX 200 index rose 11.9 points to 5,053.9 by 0109 GMT. The benchmark edged up 0.1 percent on Friday to its highest close in two months. A total of 101 million shares had traded hands by 0110 GMT, and expectations were that early in the week the market may not match last week's daily average of 679 million shares. Mining majors BHP Billiton Ltd and Rio Tinto Ltd rose 0.2 percent and 0.8 percent respectively. Rio Tinto will sell its majority stake in the Northparkes copper mine in Australia to China Molybdenum Co Ltd for $820 million, as it looks to slash costs and cut debt. Utility provider Origin Energy Ltd fell 0.7 percent and QBE Insurance Group Ltd lost 1 percent. Flagship telecommunications provider Telstra Corporation Ltd shed 0.6 percent. "If gains are likely to be sustained, most of the heavy lifting will have to come from yield-based plays," said David Scutt, treasury dealer at Arab Bank Australia in a note. "The one thing that is certain is that volumes will be down as investors continue to bide their time before bigger market-moving events later in the week." U.S. stocks closed slightly higher on Friday on investor optimism the Federal Reserve will keep its easy money policy in play a while longer. New Zealand's benchmark NZX 50 index slipped 0.1 percent or 4.5 points to 4,577.5. STOCKS ON THE MOVE * OZ Minerals Ltd fell 1 percent to A$4.09 after it estimated a non-cash asset impairment charge of $200 million to $240 million related to its Prominent Hill operation. (0107 GMT) * Whitehaven Coal Ltd dropped 1.6 percent to A$2.09. It said realised value for its thermal coal in the second half has been affected adversely by weak prices, adverse foreign exchange rates, and lower energy of Narrabri thermal coal. (0108 GMT) * Transpacific Industries Group Ltd soared 8.8 percent to a 2-month high of A$0.89 after selling its commercial vehicles group to Penske Automotive Group for $219 million. (0108 GMT) (Reporting by Thuy Ong; Editing by John Mair) Link this Share this Digg this Email Reprints

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