By Sarah Turner
SYDNEY (MarketWatch) -- Australian shares moved higher in early trading, with miners fronting the gains. The S&P/ASX 200 index rose 0.3% to 4,609.30 with Rio Tinto Ltd. (AU:RIO 84.04, +0.99, +1.19%) (RIO 66.45, 0.00, 0.00%) up 1.7% and BHP Billiton Ltd. (AU:BHP 43.20, +0.11, +0.26%) (BHP 85.10, +1.80, +2.16%) shares up 1%. Away from the mining sector, telecom Telstra (AU:TLS 2.85, -0.03, -1.04%) (TTRAF 2.75, +0.07, +2.61%) gained 1% and banks were higher amid testimony from Reserve Bank of Australia governor Glenn Stevens in which he termed recent rate hikes from lenders "prudent." Australia & New Zealand Banking Group Ltd. (AU:ANZ 22.52, +0.05, +0.22%) (ANEWF 22.20, -0.25, -1.11%) shares were up 0.7% and National Australia Bank Ltd. (AU:NAB 23.23, -0.07, -0.30%) (NAUBF 23.95, 0.00, 0.00%) shares were up 0.4%. |
