Australia shares rise in choppy trade buoyed by Wall St, China GDP

(Adds quotes, stocks on the move)

SYDNEY, July 15 (Reuters) - Australian shares rose 0.4 percent in volatile trade on Monday, reflecting relief at Chinese GDP data coming out in line with expectations, plus a Wall Street rally on strong earnings.

China's annual economic growth slowed to 7.5 percent in the second quarter of 2013 from 7.7 percent - a second straight quarter of slower growth, official data showed on Monday.

Financials helped buoy the market with top lender Commonwealth Bank of Australia (Other OTC: CBAUF - news) adding 0.4 percent and Westpac Banking Corp rising 0.6 percent.

The S&P/ASX 200 index rose 17.2 points to 4,991.1 by 0224 GMT. The benchmark gained 2.7 percent last week, its biggest gain in 11 weeks.

"It wasn't really a surprising result higher or lower," said Tim Waterer, senior trader at CMC Markets. "Tension will now shift towards the Bernanke testimony towards Congress later in the week."

The local bourse has bounced back from a trough of 4,632.3 hit on June 25, following a statement by the U.S. Federal Reserve Chairman Ben Bernanke that a "highly accommodative" policy is needed for a foreseeable future, triggering a rally in global equities.

Mining companies lost ground after copper fell on Friday. Rio Tinto Ltd (Xetra: 855018 - news) slipped 0.1 percent while Fortescue Metals Group Ltd tumbled 1.3 percent.

"The fact that its come in bang in line with expectations that may give some of our mining stocks support in the afternoon," Waterer said.

Defensives were firmer. Biotech company CSL Ltd (Other OTC: CMXHF - news) edged 0.1 percent higher while flagship telecommunications provider Telstra Corporation Ltd rose 0.3 percent.

Insurance companies QBE Insurance Group Ltd and Suncorp Group Ltd added 1.3 percent and 0.1 percent respectively.

U.S. stocks advanced on Friday, supported by banks' strong earnings, but Boeing (NYSE: BA - news) limited the Dow's gain after an airplane fire in London.

New Zealand's benchmark NZX 50 index rose 0.4 percent or 16.3 points to 4,584.6.

STOCKS ON THE MOVE

* Treasury Wine Estates Ltd lost 12.9 percent to A$5.07, its lowest point since February. The Australian company said on Monday it was destroying some of its aged U.S. inventory, resulting in a A$160 million ($145 million) hit to pre-tax earnings in fiscal 2013 and lower U.S. shipments in fiscal 2014.

(0220 GMT)

* Linc Energy Ltd (Other OTC: LNCGY - news) soared 12.4 percent to a six-week high of A$1.54 after the company said it had completed one well at Cedar Point Field with an initial production rate of 1000 barrels of oil equivalent per day.

(0221 GMT)

* Australian Power and Gas Company Ltd rocketed 29.5 percent to $A0.51 after receiving a takeover offer from AGL Energy Ltd.

(0222 GMT) (Reporting by Thuy Ong; Editing by Eric Meijer)

Source: http://news.yahoo.com/australia-shares-rise-choppy-trade-023921894.html

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