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Australian Shares Gain Early Despite U.S. Loss

 
By Michael Kitchen
MarketWatch Pulse
     

    LOS ANGELES -- Australian stocks moved slightly higher out of the open Wednesday, ignoring a soft negative lead from Wall Street, with energy shares on the rise despite an almost 2% drop in benchmark crude overnight. The S&P/ASX 200 rose 0.2% to 4,695.9 in early morning trading, with Origin Energy Ltd. and Woodside Petroleum Ltd. each gaining 0.9%. Financials dragged a little on the market, however, with Commonwealth Bank of Australia losing 0.7%, and Macquarie Group Ltd. lower by 0.5%.

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