MELBOURNE: Australian shares rose 0.1 percent on Thursday in patchy trade, consolidating a breakout above its long-term trading range as investors await US data later in the day for clearer direction.
After an early decline, the market was buoyed by a recovery in copper prices and as investors bought defensive shares such as telecommunications company Telstra Corp, which rose 1 percent to A$4.07.
"The local market is once again well off its lows after attracting buying interest in the 4,500 support region," said Stan Shamu, strategist at IG Markets.
The benchmark S&P/ASX 200 index added 4.7 points to 4,510.5, according to the latest data, have slipped to its lowest close in a week in the previous session. The index hit a 15-month high above 4,550 last Thursday.
"It did start off in the red but it's fought its way back. While it's not shooting the lights out, its slow, its steady, it's good. Our market since June is up very solidly," said Lonsec senior client adviser Michael Heffernan.
"They're wiping their brow at the moment and just relieved we're not repeating the pretty shocking time we had last year and over the previous few years," Heffernan said.
Investors will watch US initial jobless claims and durable goods orders due at 1230 GMT for fresh signs on the health of the US economy.
Australia and New Zealand Banking Corp fell 0.9 percent to A$25.38 after a rise in bad debt charges underlined the challenge facing Australia's banks.
Westfield Retail Trust rose 2.6 percent to A$3.13 after it announced an on-market buy-back of up to A$200 million.
Echo Entertainment fell 3.7 percent to A$3.65. A proposal by rival Crown for a second casino in Sydney passed a first stage of government approval and will now undergo financial appraisal. Any new casino would not be operational before 14 November, 2019, when Echo's exclusive casino licence for Sydney expires.
Shares in Crown slipped 0.3 percent to A$9.46.
Broker Wilson HTM Investment Group rose 7 percent to A$0.22 after Mariner Corp made a two-for-three all-scrip offer to shareholders that it said was worth A$24.5 million ($25.3 million). Mariner shares rose 14 percent to A$0.40.
New Zealand's benchmark NZX 50 index fell 0.3 percent to 3,990.5.
The market set 4 1/2 year highs this week and may climb higher as funds from maturing bonds are likely to be switched to shares by investors seeking higher returns..
"There's a wave of money being poured into the market from fixed income and cash," said James Lindsay, domestic equities manager at Tyndall Investments.
Market participants say domestic investor demand has been the main driver of the New Zealand stock market's 13 percent rally in the July-September quarter.
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