Reuters: Hot Stocks: Australia shares edge higher on banks & health stocks, caution on China

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Australia shares edge higher on banks & health stocks, caution on China Oct 24th 2013, 00:36 Share this Email Print Reprints Wed Oct 23, 2013 8:36pm EDT (Adds analysis, quotes, stocks on the move) SYDNEY Oct 24 (Reuters) - Australian shares edged up on Thursday, led by strong financial and healthcare sectors, but gains were limited as metals prices fell and sentiment was dampened by concerns that China may act to restrict credit growth. Financials climbed with top lender the Commonwealth Bank of Australia adding 0.8 percent to a record A$75.24. Westpac Banking Corp and Australia and New Zealand Banking Group added 0.5 percent and 0.7 percent respectively. The big four banks have had a strong year with share prices buoyed by strong dividend yields and record profits. The S&P/ASX 200 index added 22 points, or 0.4 percent, to 5,378.1 by 0015 GMT, hovering near a 5-year high. The benchmark fell 0.3 percent in the last session, snapping a six-day winning streak as higher-than-expected inflation data reduced the odds of further interest rate cuts. Investors also remained cautious on news that Chinese money-market rates rose to three-month highs after the central bank failed to inject cash for a second day, as regulators showed signs of concern that loose liquidity might be fuelling another round of risky credit growth. "While news of rising Chinese short-term lending rates will likely be used as an excuse for many investors to lock in recent profits, selling should be limited," said Tim Radford, global analyst at Rivkin Securities in a note. The healthcare sector helped lift the market, led by biotechnology firm CSL Ltd which climbed 1.2 percent. Sonic Healthcare Ltd and Resmed Inc rallied 2.6 percent and 0.8 percent respectively. "The quality names have seen good momentum over the past few months, and continue to woo investors," said Jonathan Fyfe, investment advisor at Wilson Investment Group. Small drug technology company Phosphagenics Ltd surged 43 percent to a 7-1/2 month high of A$0.015 after announcing successful results from its multi-dose oxymorphone Phase 1 trial. Drug delivery company Acrux Ltd slumped 10.5 percent to A$2.80, a 10-month low after the company said sales have been affected by a slowing market. Basic materials lost ground, capping broader gains. Bluechip miner BHP Billiton Ltd eased 0.1 percent after copper slid more than 2 percent overnight. World no.4 iron ore miner Fortescue Metals Group Ltd fell 0.4 percent Sentiment on the local bourse was also dampened by a fall in as U.S. stocks overnight after shares of heavy-equipment maker Caterpillar and semiconductor companies tumbled after they reported earnings, ending the S&P 500's four-session streak of record high finishes. New Zealand's benchmark NZX 50 index slipped 0.6 percent from record highs to trade at 4,848.6. (Reporting by Thuy Ong; Editing by Richard Pullin) Link this Share this Digg this Email Reprints

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