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    Monday, November 16, 2009

    Australia Resource Shares Lead Market Higher

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    By Michael Kitchen
    MarketWatch Pulse
       

      LOS ANGELES -- Australian shares pushed higher in early Tuesday trade, boosted by resource shares but with financials mixed. Sydney's benchmark S&P/ASX 200 rose 0.6% to 4,782.0, with miners and energy shares leading gains on rising commodities prices. Alumina Ltd. rose 2.2%, BHP Billiton Ltd. gained 1.8% and Rio Tinto Ltd. was up 2.8%. Banking stocks lagged, as Australia & New Zealand Banking Group fell 0.9%, and Commonwealth Bank of Australia slipped 0.2% despite an upgrade to its price target by Citigroup analysts. Dow Jones Newswires cited Citi as saying Commonwealth was less exposed to revenue headwinds compared with its peers.

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