MW: Australian shares edge up, boosted by gold miners
By Michael Kitchen
LOS ANGELES (MarketWatch) -- Australian equities moved modestly higher in early Friday morning trading, helped by earnings-inspired gains and by gold producers after an overnight rise in gold futures. The benchmark S&P/ASX 200 gained 0.1% in early action to trade at 4,598.8. Shares of Woolworths Ltd. (AU:WOW 26.84, +1.39, +5.46%) (WOLZ.Y 224.79, -6.40, -2.77%) were up 1.8% after the company posted an 11% rise in first-half profit. Competitor Myer Holdings Ltd. (AU:MYR 3.33, +0.04, +1.22%) rose 0.3%, but Harvey Norman Holdings Ltd. (AU:HVN 3.83, +0.06, +1.59%) (HNOR.Y 16.65, +0.06, +0.36%) was down 1.1%. Gold producers were broadly higher, with Newcrest Mining Ltd. (AU:NCM 31.34, +0.59, +1.92%) (NCMGF 27.20, -1.60, -5.56%) up 1%, and Lihir Gold Ltd. (AU:LGL 2.65, +0.07, +2.71%) (LIHRF 2.32, -0.16, -6.45%) rising 3.1%. On the downside, QBE Insurance Group Ltd. (AU:QBE 21.40, -1.60, -6.96%) (QBEIF 20.14, -0.56, -2.71%) lost 7.4% after posting a lower insurance profit margin for 2009.
