Australia stocks reach for first win in three daysCarla Mozee
LOS ANGELES (MarketWatch) -- Australian stocks rose Wednesday, with modest advances among financial issues aiding the equity benchmark, though overall gains appeared limited by sharp drops in shares of miners. The S&P/ASX 200 rose 10 points, or 0.2%, to 5,216.30, reaching for its first win in three sessions. Mining stocks were hit hard , with gold unable to benefit from safe-haven bids in the wake of the U.S. government shutdown. Shares of gold producers Kingsgate Consolidated Ltd. and Newcrest Mining Ltd. lost 5% and 3.9%, respectively, and diversified miner BHP Billiton Ltd. shed 0.4%. Most finance stocks rose as futures markets were reportedly pricing in chances for a rate cut later this year by the Reserve Bank of Australia. Stock in Commonwealth Bank of Australia moved up by 0.5% and National Australia Bank Ltd. tacked on 0.4%.
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