News & Opinions Home
Market Place
Reuters New Zealand
Australia shares up 0.3 pct; miners, Westfield gain
Thursday November 12, 01:39 PM
(Adds comment, stocks on the move)
WELLINGTON, Nov 12 (Reuters) - Australian stocks rose 0.3 percent on Thursday, with mining stocks rising on expectations of greater demand, while shopping mall giant Westfield Group (ASX: WDC.ax) gained as saw improvement in key markets.
Metal prices rose after Wednesday's data showing a strong in rise in Chinese factory output, while gold hit record highs near $1,120 an ounce on buying by central banks.
"As expected the strength is mainly coming from materials, the gold players are performing well...and Rio and BHP are performing well after a strong night in the U.K.," said IG Markets Research analyst Ben Potter.
Metal prices trading close to 2010 assumptions were driving gains in the sector, Potter said.
Mining giants BHP Billiton (ASX: BHP.ax) and Rio Tinto (ASX: RIO.ax) rose 0.5 percent to A$39.3 and 1.3 percent to A$69.52 respectively.
Westfield, the world's largest shopping mall owner, said it continued to see signs of stabilisation in the U.S. and Britain, sending its shares up 1 percent to A$12.71 by 0015 GMT. [ID:nSYD483906]
The benchmark S&P/ASX 200 index .AXJO gained 13.9 points to 4,770.9 at 0015 GMT, after rising 0.5 percent on Wednesday.
Australian stocks are likely to keep a narrow 20 to 30 point range in the absence of any major catalysts, Potter said.
New Zealand's benchmark NZX 50 index .NZ50 rose 0.4 percent to 3,173.5.
STOCKS ON THE MOVE
* Shares in property developer Lend Lease Corporation (ASX: LLC.ax) edged 0.2 percent lower to A$9.67 as it said it saw some sign of improving markets, but would not give specific earnings guidance. [ID:nSYU009034]
2335 GMT
* Drug developer Biota Holdings (ASX: BTA.ax) gained 2.1 percent to A$2.89 as the company made two deals to gain antibacterial assets.
2325 GMT
* Shares in New Zealand electronic component manufacturer Rakon rose 2.6 percent to NZ$1.20, as the company posted a first half loss but said it was on track to meet full year earnings targets. [ID:nWLF004447]
2320 GMT (Reporting by Adrian Bathgate)
| More Quotes and Company Information: |
Next Article: Asian Market Overview of November 11
Previous article: NZ dollar steady as data points to rates on hold
Top Headlines
Fujitsu and Sun Microsystems Enhance SPARC Enterprise M3000 Server
Tuesday January 12, 10:36 PM - JCN Newswire
Tokyo and Santa Clara, Jan 12, 2010 - (JCN Newswire) - Fujitsu (TSE: 6702) and Sun Microsystems, Inc. (NASDAQ: JAVA) today an .. Read More
Hitachi Develops Lithium-ion Batteries for Plug-in Hybrid Electric Vehicles
Tuesday January 12, 09:59 PM - JCN Newswire
Tokyo, Jan 12, 2010 - (JCN Newswire) - Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced that Hitachi and Hitachi Vehicle E .. Read More
Fujitsu Develops Technology to Enhance Comprehensive Testing of Java Programs
Tuesday January 12, 08:34 PM - JCN Newswire
Sunnyvale, US and Kawasaki, Japan, Jan 12, 2010 - (JCN Newswire) - Fujitsu Laboratories of America, Inc. and Fujitsu Laborato .. Read More
Calculators
Copyright © 2010 Yahoo! All rights reserved.
Yahoo!Xtra: A Yahoo!7/Telecom New Zealand Company.