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Australia shares rise 0.3 percent, led by miners
Thursday July 2, 01:14 PM
(Adds comment, stocks on the move)
MELBOURNE, July 2 (Reuters) - Australian shares rose 0.3 percent on Thursday as companies geared to global growth such as miner BHP Billiton Ltd (ASX: BHP.ax) gained after manufacturing data restored some confidence a global economic recovery was on track.
Surveys from Europe showed manufacturing was shrinking less than initially thought, while a report from China showed the sector was growing modestly.
In the United States, the Institute of Supply Management's index of national factory activity nudged up to 44.8 in June from 42.8 in May, but still pointed to contraction. [ID:nN01366244]
"We are not out of the woods by any stretch of the imagination but there is no doubt we have seen the return of some confidence and a bit more tolerance to risk in our equity markets," said Tony Russell, senior equities adviser at ABN AMRO Morgans.
The benchmark S&P/ASX 200 index .AXJO was up 12.7 points at 3,886.7 by 0100 GMT, recovering from Wednesday's 2.1 percent fall. New Zealand's benchmark NZX 50 index .NZ50 gained 23.6 points, or 0.8 percent, to 2,803.9.
Global miner Rio Tinto Ltd (ASX: RIO.ax) firmed 1.4 percent to A$52.30 percent after it received strong support for its $15.2 billion rights offer in the UK. [ID:nSYD476934].
BHP Billiton advanced 1.7 percent to A$34.47 as economic recovery hopes helped push copper to its highest level in more than two weeks. [ID:nL1657892]
STOCKS ON THE MOVE
* Extract Resources (ASX: EXT.ax) rose 2.6 percent to A$6.40 after the uranium exploration group said it had upgraded the resource estimate at its Rossing South uranium deposit in Namibia.
0052 GMT (Reporting by Simone Giuliani)
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