February 24, 2014 / 9:36 PM / 4 years ago

Australian shares seen rising, resources may cap gains

MELBOURNE, Feb 25 (Reuters) - Australian shares are set to
open higher on Tuesday following a rally on Wall Street, but
gains may be capped by the resources sector on worries about
Chinese growth and by earnings results, including a loss from
top insurer QBE Insurance Group.
    * Local share price index futures rose 0.6 percent
to 5,456, a 15.8-point premium to the underlying S&P/ASX 200
index close. The benchmark finished flat on Monday.
    * New Zealand's benchmark NZX 50 index inched up 2.8
points to 4,972.4 in early trade on Tuesday.
    * U.S. stocks jumped on Monday, with the S&P 500 climbing
above key resistance to a record high, as optimism over merger
activity helped Wall Street erase this year's early weakness.
    * Copper fell on Monday to its lowest in more than two weeks
as data showed growth in new housing prices in China slowed in
January and worries about credit restrictions in the country's
huge property sector hurt the demand outlook for metals.
    * Oil Search Ltd, Ramsay Health Care Ltd,
IOOF Holdings, Atlas Iron Ltd and QBE
Insurance, which has flagged it will report a loss, are all due
to report results on Tuesday.
    * Property investor Charter Hall Group reported a
13 percent rise in operating earnings to A$38.1 million and said
it expects full year operating earnings to grow by 7-9 percent.
It also announced a A$140 million share sale to institutions
priced at a small discount to its last trade at A$3.94.
----------------------MARKET SNAPSHOT @ 2056 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1850.63      0.78%    14.380
USD/JPY                   102.47      -0.05%    -0.050
10-YR US TSY YLD     2.7481          --     0.014
SPOT GOLD                 1336.66      1.03%    13.650
US CRUDE                  102.66       0.45%     0.460
DOW JONES                 16233.38     0.81%    130.08
ASIA ADRS                144.43       0.30%      0.43
  * S&P 500 rises to record, Nasdaq climbs to 14-year high  
  * Oil up on expected Cushing draw; Libya unrest supports 
  * Gold up 1 percent on economic worries                 
  * Copper falls on China demand worries                 
    For a digest of the day's business stories in Australian 
newspapers, double click on    
 (Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 
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