Wednesday, 19 June 2013 14:07
Posted by Shoaib-ur-Rehman Siddiqui
SYDNEY: Australian shares rose 1 percent to close at a two-week high on Wednesday, helped by expectations that the US Federal Reserve will not move quickly to scale back its monetary stimulus and as a weaker Australian dollar lifted stocks with large exposure to overseas markets.Whitehaven Coal Ltd surged 4 percent after embattled tycoon Nathan Tinkler has handed his stake in to lenders to pay off debt, in a deal that may eventually put one of the country's biggest independent coal miners into play.But News Corp tumbled 6.9 percent to a 2-1/2-month low as investors factored in its demerger.The S&P/ASX 200 index finished 47.1 points higher at 4,861.4 in subdued trade with some 633 million shares changing hands."Traders have been positioning for a QE-friendly stance from Bernanke," said Tim Waterer, senior trader at CMC Markets."While the ASX200 undoubtedly enjoyed a productive session, if Bernanke does not tell the market what ...