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Australian shares up; BHP's profit drops
February 19, 2013 / 11:43 PM / 5 years ago

Australian shares up; BHP's profit drops

SYDNEY, Feb 20 (Reuters) - Australian shares rose 0.3
percent early on Wednesday, extending a rally that has taken
them to 4-1/2 year highs, with global miner BHP Billiton Ltd
lagging slightly after its half-year profit dropped sharply and
it appointed a new CEO.
    BHP inched up 0.1 percent after reporting a 43 percent drop
in half-year profits, its worst half-year slide in more than a
decade but in line with market expectations. The company said
CEO Marius Kloppers will step down in May and be replaced by
Andrew Mackenzie. 
    In contrast, major mining rival Rio Tinto Ltd 
dropped 0.7 percent.
    The benchmark S&P/ASX 200 index added 14.2 points to
5,096.1 by 2317 GMT. Better-than-expected corporate earnings
have added momentum to a sustained rally, with the market up
more than 17 percent since mid-November.
    New Zealand's benchmark NZX 50 index lost 0.8
percent, or 33.2 points to 4,211 in early trade.

 (Reporting by Thuy Ong; Editing by John Mair)

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