Reuters Australia
Aussie stocks edge higher; airlines gain
Wednesday July 16, 01:28 PM
(Adds airlines, updates index)
SYDNEY, July 16 (Reuters) - Australian shares rose 0.1 percent on Wednesday, with retailer Woolworths Ltd (ASX: WOW.ax) gaining on upbeat sales and outlook, though weak commodity prices weighed on resource firms such as BHP Billiton Ltd (ASX: BHP.ax) .
The benchmark S&P/ASX 200 index .AXJO nudged up 5 points to 4,820.7 by 0116 GMT, after hitting their lowest closing level in nearly 2-½ years in the previous session.
New Zealand's benchmark NZX-50 index .NZ50 fell 0.4 percent, or 12.58 points, to 3,027.87. The most heavily weighted stock, Telecom Corp of New Zealand (NZX: TEL.nz) , was up 2.1 percent at NZ$3.38.
STOCKS ON THE MOVE
* Airline stocks, which have been struggling with soaring fuel costs, rose following a sharp fall in oil prices.
Australia's biggest airline, Qantas Airways Ltd (ASX: QAN.ax) , rose 2.3 percent to A$3.18, while its rival Virgin Blue Holdings Ltd (ASX: VBA.ax) climbed 11.1 percent to A$0.65.
0112 GMT
* Woolworths Ltd (ASX: WOW.ax) , Australia's largest supermarket chain, rose 3.7 percent to A$24.32 after it reported a 7.5 percent growth in fourth-quarter normalised sales and reaffirmed its fiscal 2008 profit outlook [ID:nSYU004722].
0030 GMT
* The big banks all rose as investors sought bargains in the sector after recent steep declines.
National Australia Bank Ltd (ASX: NAB.ax) rose 1 percent to A$25.63 and Commonwealth Bank of Australia Ltd (ASX: CBA.ax) added 1.4 percent to A$39.29.
Australia and New Zealand Banking Group Ltd (ASX: ANZ.ax) gained 1.7 percent to A$17.41 while Westpac Banking Corp (ASX: WBC.ax) rose 2 percent to A$19.06.
0030 GMT
* Resource firms fell after oil prices CLc1 dropped more than $6 on Tuesday on growing concerns about the U.S. economy, while base metals prices also fell.
BHP Billiton Ltd (ASX: BHP.ax) , the world's top miner and Australia's top oil and gas producer, shed 1.7 percent to A$38.69, while its main rival and takeover target, Rio Tinto Ltd (ASX: RIO.ax) , lost 2.2 percent to A$119.32.
Among oil and gas firms, Woodside Petroleum Ltd (ASX: WPL.ax) fell 2.2 percent to A$60.09 and Oil Search Ltd (ASX: OSH.ax) was down 2.1 percent at A$5.59.
0026 GMT ($1=A$1.02) (Reporting by Geraldine Chua, Editing by Denny Thomas)
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