2013.08.0807:02:28UTC+00Australia stocks rise as Telstra surges on results

Australian stocks climbed Thursday in early trading action, as an increase in the shares of telecommunications company Telstra Corp. aided to put the equity benchmark on track for its first win in four sessions. The S&P/ASX 200 bolstered 0.4% to 5,033.60, with Telstra shares hit by 1.1% increase, after the company recorded a 12% gain in annual profit to 3.81 billion Australian dollars ($3.43 billion), surpassing the forecast of A$3.69 billion expected in a Wall Street Journal poll of analysts. Meanwhile, Rio Tinto Ltd. shares tacked on 0.8% before the release of the miner's first-half financial results. Investors were also waiting for data that may show Australia's unemployment rate in July bolster to a four-year high at 5.8%, as well as July trade figures from China, Australia's biggest export market. The Australian dollar was purchasing 90.25 U.S. cents, up from 90 U.S. cents late Wednesday in North America.