Australian Stocks Rise, Led by BHP, Newcrest on Oil, Metals

Australian stocks rose for a second day, led by BHP Billiton Ltd. and Woodside Petroleum Ltd., after prices of crude oil and metals increased.

``Strong spot commodity prices have certainly put momentum behind some of the resources stocks,'' said Jason Teh, who helps manage the equivalent of about $6.5 billion at Investors Mutual in Sydney. ``We're in the late stages of a bull market so everything's getting pulled along.''

The S&P/ASX 200 Index added 64.4, or 1 percent, to 6,6692.40 at the close in Sydney. The central bank's decision today to raise its key interest rate by a quarter-point to an 11-year high failed to derail the rally. Of the index's 201 stocks, 121 rose and 71 declined.

BHP, the world's largest mining company and Australia's biggest oil producer, jumped 71 cents, or 1.6 percent, to A$44.86. Rio Tinto Group, the third-biggest miner, added A$3.72, or 3.4 percent, to A$112.22.

A measure of six metals traded on the London Metal Exchange added 1.5 percent. Copper rose 1 percent, after declining for the past six days, nickel gained 2.3 percent and zinc added 3.4 percent, the most in seven weeks.

Newcrest Mining Ltd., Australia's largest gold-mining company, climbed A$2.06, or 6.3 percent, to A$34.86. Lihir Gold Ltd., a Papua New Guinea-based gold miner, jumped 21 cents, or 5 percent, to A$4.38.

Gold rose to its highest since 1980 in New York as record- high oil prices and a slumping U.S. dollar boosted the appeal of the precious metal as a hedge against inflation. Gold for December delivery rose 1.9 percent to $838.90 an ounce on the Comex division of the New York Mercantile Exchange.
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