MW: Australian shares move sideways, though banks rise
By Michael Kitchen
LOS ANGELES (MarketWatch) -- Australian shares opened higher but then lost momentum in early Monday trading, with modest strength in financials contrasting with a mixed performance in the key resource sector. The benchmark S&P/ASX 200 was down less than 0.1% at 4,411.8, with Australia & New Zealand Banking Group (AU:ANZ 22.29, -0.18, -0.80%) (ANEWF 18.10, +0.25, +1.40%) and Commonwealth Bank of Australia (AU:CBA 49.95, -0.05, -0.10%) (CBAUF 45.85, +0.65, +1.44%) each up 0.6%. But with Origin Energy Ltd. (AU:ORG 14.95, -0.10, -0.66%) (OGFGF 13.07, -0.93, -6.65%) falling 0.7%, and mining major Rio Tinto Ltd. (AU:RIO 68.60, -1.00, -1.44%) (RTP 48.78, -0.21, -0.43%) down 0.4% as the Sydney Morning Herald reported Australia's new Prime Minister Julia Gillard is likely to offer a deal for the sector over a controversial planned mining-profits tax.
