SYDNEY, Jan 14: Australian shares edged up 0.2 percent in afternoon trade on Monday, led by the Commonwealth Bank of Australia while big miners were mainly softer as copper prices inched lower after a boost last week from firm Chinese trade data.
The banking sector was mixed, with the Commonwealth Bank of Australia and National Australia Bank leading gains, up 0.8 percent and 0.6 percent respectively. Westpac Banking Corp and Australia New Zealand Banking Group lost 0.5 percent and 0.1 percent, respectively.
Global miners BHP Billiton Ltd fell 0.3 percent while Rio Tinto Ltd dropped 0.5 percent. Fortescue Metals lost 1 percent.
The S&P/ASX 200 index was 10.5 points higher at 4,720 at 0329 GMT. The index fell 0.3 percent last week, snapping seven straight weeks of gains.
New Zealand’s benchmark NZX 50 index rose 0.4 percent to 4,149.3.
STOCKS ON THE MOVE
* BlueScope Steel fell 0.5 percent after it announced 170 job cuts and reduced production in its cold rolling, metal coated and painted steel production at its Western Port plant. It said costs of about A$17 million would be recouped within a year.
(0330 GMT)
* Altona Mining Ltd plumbed 8.9 percent after Xstrata decided not to buy a 51 percent stake in Altona’s Roseby copper project in Queensland.
(0330 GMT)
(AGENCIES)
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