Australia shares rise 1.1 pct; GPT Group climbs

MELBOURNE, Aug 6 - Australian stocks rose 1.1 percent on Thursday, buoyed by miners and banks on optimism their earnings would benefit from an improved economic outlook.

The benchmark S&P/ASX 200 index <.AXJO> climbed 46.3 points to 4,310.8 by 0425 GMT, after falling 1 percent on Wednesday. New Zealand's benchmark NZX 50 index <.NZ50> fell 23.4 points, or 0.8 percent, to 3,060.7.

STOCKS ON THE MOVE

* Macquarie CountryWide Trust <MCW.AX> gained 7.1 percent to A$0.525 after the property group said it had completed the $778.5 million first phase of its U.S. portfolio sale.

0423 GMT

* GPT Group <GPT.AX> rose 4 percent to A$0.525 and was also the most actively traded stock on the market.

In a strategy update on Thursday, the group said it planned to focus on the ownership of high quality Australian retail, office and industrial assets, with all overseas and non-core investments sold over time. The company said the strategy was designed to restore shareholder confidence and deliver transparency and stability to returns.

0418 GMT

* The four major banks delivered gains of between 1 and 2.6 percent, continuing climbs that started last week after analyst upgrades and increased optimism that their earnings would benefit from an improved economic outlook. Westpac Banking Corp <WBC.AX> led Thursday's gains with a rise of 2.6 percent to A$22.65.

0142 GMT

* Tabcorp Holdings Ltd <TAH.AX> fell 3.8 percent to A$7.10 after Australia's largest gaming group said it expected challenging conditions to remain into 2010 after reporting a higher-than-expected 1.2 percent rise in underlying net profit to A$496.2 million ($417 million) [ID:nSYU006973].

0110 GMT

* Alumina Ltd <AWC.AX> shares rose 8.9 percent to A$1.78 after the company reported a loss of A$15 million for the six months to June, down from underlying earnings after tax of A$152 million a year ago, but not as bad as expected. Alumina, a 40 percent partner in the Alcoa World Alumina and Chemicals joint venture with Alcoa Inc <AA.N>, also said there were early signs of recovery in some of its key markets. [ID:nSYU006974}

0109 GMT

* Lion Nathan Ltd <LNN.AX> gained 0.3 percent to A$11.76 after a report from an independent expert said the offer by Japanese brewer Kirin <2503.T> to acquire the 53 percent of the group it doesn't already own was fair and reasonable.

"Kirin's proposal is compelling and at a significant premium to Lion Nathan's historical trading price," Lion Nathan Chairman Geoff Ricketts said in a statement.

0108 GMT

* ConnectEast <CEU.AX> shares rose 4.2 percent to A$0.375 after the owner and operator of the EastLink toll road in Melbourne said average daily revenue in July was 7.9 percent higher than in June as usage and prices increased.

0107 GMT