January 14, 2013 / 3:55 AM / in 5 years

Australia shares edge up on CBA, but miners weaker

2 Min Read

(Adds details, stocks on the move)
    SYDNEY, Jan 14 (Reuters) - Australian shares edged up 0.2
percent in afternoon trade on Monday, led by the Commonwealth
Bank of Australia while big miners were mainly softer
as copper prices inched lower after a boost last week from firm
Chinese trade data.
    The banking sector was mixed, with the Commonwealth Bank of
Australia and National Australia Bank leading gains, up
0.8 percent and 0.6 percent respectively. Westpac Banking Corp
 and Australia New Zealand Banking Group lost
0.5 percent and 0.1 percent, respectively.
    Global miners BHP Billiton Ltd fell 0.3 percent
while Rio Tinto Ltd dropped 0.5 percent. Fortescue
Metals lost 1 percent.
    The S&P/ASX 200 index was 10.5 points higher at
4,720 at 0329 GMT. The index fell 0.3 percent last week,
snapping seven straight weeks of gains.
    New Zealand's benchmark NZX 50 index rose 0.4
percent to 4,149.3.
    * BlueScope Steel fell 0.5 percent after it
announced 170 job cuts and reduced production in its cold
rolling, metal coated and painted steel production at its
Western Port plant. It said costs of about A$17 million would be
recouped within a year. 
    (0330 GMT)
    * Altona Mining Ltd plumbed 8.9 percent after
Xstrata decided not to buy a 51 percent stake in
Altona's Roseby copper project in Queensland. 
    (0330 GMT)

 (Reporting By Thuy Ong; Editing by Jacqueline Wong)

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