Australia stocks bobbed in and out of positive territory in early Tuesday trading, with the S&P/ASX 200 up 0.2% about an hour into the session after fears of a Greek sovereign default slapped 2.2% off the index on Monday. Having fallen in concert a day earlier, the big banks were all higher, with Australia & New Zealand Banking Group and Commonwealth Bank of Australia up 0.6% each, and Westpac Banking Corp. adding 0.5%. Meanwhile, Qantas Airways Ltd. rose 1.5% after posting a gain of more than two percentage points for its May load factor, and BlueScope Steel Ltd. was 4.7% higher on the back of an upgrade of its shares to a buy rating by Bank of America-Merrill Lynch. Shares of Woolworths Ltd. added 0.6% as various reports said the retailer was looking to sell its Thomas Dux upscale grocery chain.
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