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Australia shares seen modestly higher on ANZ, Wall St; resources may cap
April 30, 2014 / 11:01 PM / 3 years ago

Australia shares seen modestly higher on ANZ, Wall St; resources may cap

SYDNEY, May 1 (Reuters) - Australian shares are set to post
modest gains on Thursday, underpinned by a
stronger-than-expected earnings result from Australia and New
Zealand Banking Group and a rise on Wall Street, though a fall
in metals prices may limit moves higher.
    
    * Australia and New Zealand Banking Group Ltd 
posted a 15 percent rise in half-year net profit, slightly ahead
of analysts' expectations on strong growth in its Asia business
and a drop in bad debts. 
    * Local share price index futures rose 0.3 percent,
but was a 3.1-point discount to the underlying S&P/ASX 200 index
 close. The benchmark finished a tick higher on
Wednesday.
    * New Zealand's benchmark NZX 50 index slipped 0.2
percent in early trade.
    * The Dow closed at its first record high of 2014 on
Wednesday after the Federal Reserve gave an upbeat view of the
economy's prospects as it announced another cut to its massive
bond-buying program. 
    * Nickel prices rose overnight, posting their biggest
monthly gain in 19 months on tight supplies. Copper slipped
after disappointing data showed the U.S. economy barely grew in
the first quarter as exports tumbled, while gold also fell. 
    * Mining giant Rio Tinto  said on Wednesday
it had filed a complaint against competitor Vale,
Israeli billionaire Beny Steinmetz and BSG Resources (BSGR) over
valuable mining concessions in Guinea. 
    *  Mirvac Group reaffirmed its FY14 operating
earnings per share guidance range of 11.8 to 12 cents per
stapled security. 
    * Computershare Ltd says it has acquired a U.S.
transfer agent. 
    * Australia-Trade prices are due later on Thursday. 
    
-------------------- MARKET SNAPSHOT @ 2254 GMT ----------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1,883.95      0.3     5.620
USD/JPY                   102.23          0    -0.010
10-YR US TSY YLD     2.6459          --     0.000
SPOT GOLD                 1,290.91    -0.03    -0.380
US CRUDE                  99.77        0.03     0.030
DOW JONES                 16,580.84    0.27     45.47
ASIA ADRS                141.17       0.29      0.40
----------------------------------------------------------------
        
 * Dow ends at record high as Fed upbeat on economy       
 * Oil ends above $108/bbl, fundamentals eyed             
 * Gold drops after Fed cuts stimulus again               
 * Nickel posts biggest monthly gain in 19, copper dips  
    
    For a digest of the day's business stories in Australian 
newspapers, double-click on 

 (Reporting by Thuy Ong, editing by G Crosse)

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