By Sarah Turner
SYDNEY (MarketWatch) -- Australian stocks pulled back from early losses to trade around the flat line on Thursday, with miners extending gains amid ongoing strength in metal futures. Shares of Rio Tinto (AU:RIO 75.93, +1.03, +1.38%) (RTP 57.15, +0.93, +1.65%) rose 1.2% and shares of BHP Billiton (AU:BHP 39.23, +0.33, +0.85%) (BHP 74.52, +1.01, +1.37%) rose 0.9% as gold futures climbed $2.30 to $1,294.40 an ounce and platinum futures climbed $6.80 to $1,639.70 an ounce. Other gainers included airline Virgin Blue (AU:VBA 0.45, +0.01, +1.14%) (VBHLF 0.42, +0.01, +1.20%) , up 1.1% after receiving interim approval from the Australian competition regulator for its proposed tie-up with Etihad. Financials lagged, with QBE Insurance Group Ltd. (AU:QBE 17.33, -0.32, -1.81%) (QBEIF 16.76, -0.19, -1.12%) down 1.5%. The S&P/ASX 200 index traded up 0.1% at 4,631.80. |
