By Michael Kitchen
LOS ANGELES (MarketWatch) -- Australian shares reversed from a lower open to trade higher ealry Tuesday, with a bounce in most banks fueling the gains. The benchmark S&P/ASX 200 rose 0.3% to 4,399.2, with Commonwealth Bank of Australia (AU:CBA 49.38, -0.57, -1.14%) (CBAUF 45.85, +0.65, +1.44%) adding 0.5%, National Australia Bank Ltd. (AU:NAB 23.40, -0.13, -0.55%) (NAUBF 21.70, +1.25, +6.11%) also up 0.5%, and Westpac Banking Corp. (AU:WBC 21.25, -0.26, -1.21%) (WEBNF 20.15, +0.03, +0.15%) higher by 0.7%. Miners also turned around during the first half hour of trade, with BHP Billiton Ltd. (AU:BHP 38.10, -0.39, -1.01%) (BHP 66.71, -1.28, -1.88%) up 0.6%, and Rio Tinto Ltd. (AU:RIO 68.42, -0.18, -0.26%) (RTP 48.40, -0.38, -0.78%) gaining 1.5%, amid reports that a mining industry group has set a two-week deadline to reach a deal on Australia's controversial mining profits tax. |
