Reuters: Hot Stocks: Australia shares seen pushing past 5-yr highs, drop in iron ore may cap

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Australia shares seen pushing past 5-yr highs, drop in iron ore may cap Sep 26th 2013, 23:12 SYDNEY, Sept 27 | Thu Sep 26, 2013 7:12pm EDT SYDNEY, Sept 27 (Reuters) - Australian shares are set to rise on Friday, possibly topping five-year highs hit last week after Wall Street snapped a five-day losing streak, but a drop in iron-ore prices to near three-month lows may hurt big-cap mining stocks. * Local share price index futures rose 0.2 percent, a 19.5-point premium to the underlying S&P/ASX 200 index close. The benchmark advanced 0.4 percent on Thursday. It rose to an intraday five-year high of 5,300.1 on Sept. 19. * New Zealand's benchmark NZX 50 index rose 0.1 percent in early trade. * The S&P 500 and Dow snapped five-day losing streaks on Thursday on positive job market data but gains were limited as investors worried if Washington lawmakers would pass bills to avoid a government shutdown and possible U.S. debt default on time. * Copper edged higher supported by improving demand in top consumer China, but renewed worries over the U.S. fiscal outlook and federal debt kept gains in check. * Gold fell as a rise in the dollar and mixed U.S. economic indicators prompted investors to take profits after gains in the previous session. * Shanghai rebar futures slipped to their lowest level since early July, pressured by slack demand, although prices of raw material iron ore were at a more than one-week top as Chinese steel mills kept production high. * Australia's new government has ordered 47 major coal and coal seam gas projects to seek national environmental approval, including the controversial Kevin's Corner project proposed by the country's richest person Gina Rinehart. ----------------------MARKET SNAPSHOT @ 2245 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1698.67 0.35% 5.900 USD/JPY 98.99 0.02% 0.020 10-YR US TSY YLD 2.648 -- 0.000 SPOT GOLD 1322.09 -0.08% -1.000 US CRUDE 102.88 -0.15% -0.150 DOW JONES 15328.30 0.36% 55.04 ASIA ADRS 149.13 0.91% 1.34 ------------------------------------------------------------- * Wall St ends 5-day losing streak on job data; Nike up * Oil gains on bargain hunting even as political risks ease * Gold falls on dollar rise, mixed U.S. economic data * Copper edges up on China strength For a digest of the day's business stories in Australian newspapers, double click on (Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234) (Reporting by Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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