Reuters: Hot Stocks: Australia shares trade at 5-year high; inflation data caps 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

50% off Print Subscription of USA Today Get the news delivered to your doorstep. Lock in the savings and receive USA Today for just $0.75 a day. From our sponsors

Australia shares trade at 5-year high; inflation data caps gains Oct 23rd 2013, 01:49 Share this Email Print Reprints Tue Oct 22, 2013 9:49pm EDT (Adds analysis, quotes, stocks on the move) SYDNEY Oct 23 (Reuters) - Australian shares extended their rally into a seventh day on Wednesday and hit a fresh five-year high after Wall Street stocks rose and metal prices firmed, but gains were capped as higher-than-expected inflation data reduced the odds of further rate cuts. The local benchmark briefly traded above 5,400 points for the first time since June 19, 2008, tracking U.S. stocks after a lacklustre jobs report reinforced expectations the Federal Reserve will maintain its stimulus into next year. But it trimmed gains following statistics showing Australian consumer prices rose more than economists had forecast. "The quarter is traditionally a strong one so its quite feasible that the next quarter will surprise on the downside," said Shane Oliver, chief economist at AMP Capital Markets. "It's certainly a disappointing inflation outcome and a further blow to those expecting another interest rate cut." The S&P/ASX 200 index was up 14.4 points at 5,387.5 as of 0135 GMT, continuing its run of gains after the end of the U.S. debt-ceiling impasse bolstered investor confidence. Base material stocks lifted the market, with BHP Billiton Ltd jumping 1.5 percent and Rio Tinto Ltd adding 0.7 percent after copper prices rose. Fortescue Metals Group Ltd gained 1.9 percent. Newcrest Mining Ltd led the gold sector higher, soaring 4.7 percent after bullion rose more than 2 percent to a three-week high. Analysts said investors were reassessing the value of Australian resource stocks as recent production reports have showed an uptick in meeting output targets while companies have been successful in bearing down costs and capital expenditure. Financials also underpinned the market, with National Australia Bank and Commonwealth Bank of Australia both edging 0.2 percent higher. Macquarie Group Ltd , Australia's biggest investment bank, rose 0.3 percent. But utilities weakened after AGL Energy Ltd cut its earnings outlook. AGL Energy shares fell 2 percent to A$15.27, a one-month low, while Envestra Ltd lost 1.6 percent. New Zealand's benchmark NZX 50 index rose 0.5 percent to trade at an all-time high of 4,856.1 points. (Reporting by Thuy Ong; Editing by Chris Gallagher) 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