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Australia shares gain 0.2 percent; miners up
Wednesday November 4, 01:19 PM
(Adds comment, stocks on the move)
WELLINGTON, Nov 4 (Reuters) - Australian shares pared early gains to be 0.2 percent firmer on Wednesday, with miners lifted by higher metal prices and banks up after Westpac Banking Corp (ASX: WBC.ax) said it saw bad debts peaking.
But gains were muted as Australian investors had an eye on a mixed performance from offshore markets, said Don Williams, chief investment officer at Platypus Asset Management.
"The market's in a corrective phase, that's why there's not a lot of conviction," Williams said. "Ultimately we're waiting for the U.S. market to find its feet."
The benchmark S&P/ASX 200 index .AXJO rose 7.2 points to 4,538.7 at 0010 GMT. It had fallen 0.2 percent on Tuesday.
New Zealand's benchmark NZX 50 index .NZ50 was flat at 3,157.1.
Westpac shares jumped as much as 2.6 percent before settling around 0.9 percent higher at A$25.67. Australia's third-largest lender reported a fall in second-half profit but provided the banking industry's most positive outlook yet. [ID:nSYD253066]
Australia & New Zealand Banking Group (ASX: ANZ.ax) rose 0.8 percent to A$22.76, Commonwealth Bank of Australia also gained 0.8 percent to A$51.68, while National Australia Bank (ASX: NAB.ax) dipped 0.2 percent to A$28.34.
Gold miners Lihir Gold LGL.AX and Newcrest Mining (ASX: NCM.ax) rose more than 3 percent to A$3.31 and A$34.47 respectively, after gold prices hit a record high above $1,080 an ounce. [GOL/]
STOCKS ON THE MOVE
* Coca-Cola Amatil (ASX: CCL.ax) rose 0.8 percent to A$10.36 after it said strong conditions had continued in the third quarter, and it was on track to meet its guidance. [ID:nSYD525984]
2340 GMT
* Shares in materials company Quickstep QHL.AX gained as much as 71 percent to A$0.65 after it signed an agreement which should see it manufacture components for top aerospace firms making fighter aircraft, a deal worth A$700 million.
2320 GMT (Reporting by Adrian Bathgate)
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