MW: Australia shares rise, lifted by metals issues
By MarketWatch
TOKYO (MarketWatch) -- Australian shares were higher in early trading Friday, getting a boost from gains on Wall Street and higher base-metals prices, though they pared earlier gains. The benchmark S&P/ASX 200 index was up 0.2%. Fortescue Metals Group Ltd. (AU:FMG 4.43, +0.08, +1.84%) (FSUMF 3.80, +0.12, +3.26%) was up 0.7% and Rio Tinto Ltd. (AU:RIO 68.10, +1.05, +1.57%) (RTP 47.28, +0.40, +0.85%) gained 0.5%. Shares of Extract Resources Ltd. (AU:EXT 6.95, +0.20, +2.96%) surged 3.7% after Japanese business daily Nikkei reported Itochu Corp. (JP:8001 709.00, +11.00, +1.58%) (ITOCY 80.40, -1.15, -1.41%) will buy about a 10% stake in the Australian firm, which is developing uranium mines in Namibia.
