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Australia Stocks Gain On Bank, Mining Advances

Australian stocks rose Monday, a stronger start for the benchmark index as banking and mining issues posted gains. The S&P/ASX 200 moved up 0.7% to 5,215.70, coming after last week's slip of 0.5%, the first loss in four weeks. On Monday, Westpac Banking Corp. shares climbed 1% after the lender cut its one-year fixed home-loan rate to 4.79% as competition in the mortgage business picks up. Shares of lenders Commonwealth Bank of Australia and National Australia Bank Ltd. were each up about 1%. Stock in mining company BHP Billiton Ltd. bounced up 1.1% following last week's 1% decline, and Rio Tinto Ltd. shares rose 0.8%. But shares of gold producer Newcrest Mining Ltd. fell 1.2%. In other moves, shares of WorleyParsons Ltd. advanced 1.1%. They dropped nearly 13% on Friday after the oil- and gas-engineering firm issued a profit warning.Copyright © 2013 MarketWatch, Inc....

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