MW: Australian shares inch higher at start of week
By Sarah Turner
SYDNEY (MarketWatch) -- Australian shares advanced modestly in early trading on Monday, with the S&P/ASX 200 index AU:XJO +0.13% up 0.1% at 4,777.20. U.S. markets ended Friday's session with gains, with the S&P 500 index rising to a closing level not seen since December 2007, setting the stage for a positive session in Sydney on Monday. Financials were among the best performers, with National Australia Bank Ltd. AU:NAB +1.90% NAUBF +4.02% up 1.8% after a report that Spanish banking giant Santander SA ES:SAN -0.34% is weighing a bid for NAB's U.K. branch operations. Elsewhere in the sector, insurer QBE Ltd. AU:QBE +3.32% QBEIF +2.74% gained 2.8% and asset manager AMP Ltd. AU:AMP -0.76% AMLTF -3.68% rose 0.9%.
