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MELBOURNE: Australian shares firmed 0.1 percent on Thursday, recovering from a one-month low as miners bounced back on upbeat comments from world No.3 miner Rio Tinto Ltd. Local job numbers are now awaited, as are Chinese trade balance results. While Australia is forecast to have shed 5,000 jobs, China's April trade data should show exports stabilising as imports tick higher, reinforcing the view that the world's second-biggest economy is gradually recovering. Also encouraging was a fall in the Australian dollar to a four-month low of $1.0021, the lowest since Dec. 20. "A lower Aussie dollar is good news, certainly helping beleaguered manufacturers and retailers to compete against imports," said Craig James, economist at CommSec. The benchmark S&P/ASX 200 index was up 4 points at 4,279.5 by 0120 GMT. It fell 0.9 percent on Wednesday to a one-month low. STOCKS ON THE MOVE: Rio Tinto Ltd rose 0.3 percent to A$61.42 despite weaker copper prices after saying it ...
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MELBOURNE: Australian shares firmed 0.1 percent to eke out a fresh nine-month closing high on Wednesday, boosted by miners on signs of a stronger global economy, though top banks slipped as margins shrank at Australia and New Zealand Banking Group. The market was boosted on Tuesday by a bumper rate cut of 50 basis points and consolidated the gains on Wednesday, with progress hindered by the softer lenders. "If you believe markets are forward looking, we should be at or near a low-point so hopefully the market will improve, but it may need a little more time to accept that view and see more evidence that we have seen the worst," said Paul Xiradis, chief executive at fund manager Ausbil Dexia. The benchmark rose 0.8 percent on Tuesday after the central bank cut rates by half a percentage point. On Wednesday, the S&P/ASX 200 index rose 6.4 points to 4,435.9 after the Dow Jones ...
MELBOURNE: Australian shares rose 0.3 percent on Thursday, with banks and industrials supporting the market after strong leads overnight and signs the US Federal Reserve is prepared to offer more stimulus, but media companies fell after a profit warning. The benchmark S&P/ASX 200 index rose 14.8 points to 4,375.2, according to the latest available data. The market came off earlier highs, and its highest intraday level in six-months, as the European debt situtation continued to dampen investor confidence. Banks and higher yeilding stocks were the best performers on growing certainty that Australia's central bank will cut the cash rate at its meeting next week. Commonwealth Bank of Australia rose 1 percent and Westpac rose 0.9 percent. New Zealand's benchmark NZX 50 index gained 1 point to 3,520.8 points. New Zealand's central bank held its official cash rate steady on Thursday, as expected. Copyright Reuters, 2012 ...
SYDNEY: Australian shares slipped 0.3 percent on Monday, retreating from eight-month highs hit last week with investors on tenterhooks ahead of inflation figures, which could spur the central bank to cut interest rates. "We could see a rally," said Macquarie Equities division director Lucinda Chan, if the March-quarter consumer price index data on Tuesday comes within expectations. The Reserve Bank of Australia has already indicated it will consider cutting the 4.25 percent cash rate at its next policy meeting on May 1, providing inflation numbers are tame. Analysts forecast the key measure of underlying inflation rose a moderate 0.6 percent in the first quarter, nudging the annual rate down to around 2.4 percent and comfortably within the RBA's long-term target band of 2 to 3 percent. Wholesale inflation data released on Monday supported the case for monetary easing, showing the prices of final goods dropped 0.3 percent in the March quarter, well below analyst ...
MELBOURNE: Australian shares rose 0.3 percent to close at their highest level in eight months, as top phone company Telstra Corp, Woodside Petroleum and miner Fortescue Metals gained on assurances on dividends and production. The S&P/ASX 200 index climbed 14 points to finish at 4,362.7, its highest close since Aug 2. New Zealand's benchmark NZX 50 index picked up 2.4 points to close at 3,525.2. Copyright Reuters, 2012 ...
MELBOURNE: Australian shares rose 0.4 percent on Thursday, extending a 5-1/2 month closing high hit the session before, as energy firms Woodside Petroleum and Santos as well as miner Fortescue Metals gained after production updates. In mixed trade, gold producer Newcrest Mining, QBE Insurance and Telstra Corp all fell, limiting the market's overall progress. The S&P/ASX 200 index was up 14 points at 4,362.7 by 0232 GMT. It rose 1.4 percent to its highest close since Oct. 28 on Wednesday. New Zealand's benchmark NZX 50 index fell 0.1 percent to 3,519.5 points. Investors grew cautious as Spain faces an auction of two- and 10-year bonds later on Thursday. Its 10-year government bond yield shot above 6 percent earlier this week, raising fears that the country would have to turn to a debt bailout. "I would expect a narrow range in today's trading because traders will have a 'wait and see' approach ahead of tonight's Spanish ...
MELBOURNE: Australian shares inched up 0.3 percent in early trade on Tuesday, testing recent highs above 4,300 after a solid finish on Wall Street, but mining stocks were likely to keep a lid on gains due to worries about near term demand for metals. The benchmark S&P/ASX 200 index was up 10.9 points at 4,313.2 at 0023 GMT. New Zealand's benchmark NZX 50 index rose 3.6 points to 3,477.1. Copyright Reuters, 2012 ...

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