By Michael Kitchen
LOS ANGELES (MarketWatch) -- Australian shares booked early gains Monday, advancing with the rest of Asia after a U.S. advance last Friday, with mining majors and some industrials among the top risers. The S&P/ASX 200 rose 0.3% to 4,555.4 in initial moves, with Fortescue Metals Group Ltd. (AU:FMG 4.94, +0.14, +2.92%) (FSUMF 4.41, -0.04, -0.90%) up 2.3%, and BHP Billiton Ltd. (AU:BHP 38.55, +0.22, +0.57%) (BHP 70.80, +0.60, +0.85%) higher by 1.3% amid an increasing likelihood of a serious Chinese challenge to its hostile bid for Canada's Potash Corp. (POT 148.50, -0.05, -0.03%) (CA:POT 154.55, -1.70, -1.09%) . Some industrial shares also outperformed, with BlueScope Steel Ltd. (AU:BSL 2.33, +0.09, +4.02%) (BLSFF 2.06, -0.05, -2.37%) adding 1.8%, and Incitec Pivot Ltd. (AU:IPL 3.52, +0.11, +3.23%) (ICPVY 3.00, +0.10, +3.45%) climbing 1.5%. Among declining shares, Macquarie Group Ltd. (AU:MQG 35.25, -1.74, -4.70%) (MCQEF 34.75, +0.25, +0.72%) dropped 6% after a profit warning, while several insurers retreated in the wake of New Zealand's major earthquake Saturday, with Suncorp-Metway Ltd. (AU:SUN 8.58, -0.03, -0.35%) (SNMYY 7.55, +0.36, +5.01%) down 0.5%, and Insurance Australia Group Ltd. (AU:IAG 3.48, +0.01, +0.29%) (IAUGF 0.00, 0.00, 0.00%) lower by 0.3%. |
