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03-15-2012, 09:42 PM
LOS ANGELES (MarketWatch) -- Australian stocks moved sideways in early Friday trading, as airlines and industrials rose, offsetting some losses in the energy sector and elsewhere, with the S&P/ASX 200 edging up 0.1% to 4,281.40. Crude-oil futures lost ground overnight on reports that the U.S. and U.K. could release some strategic oil reserves. Though crude began to climb back up after the reports were denied, the loss helped boost shares in Qantas Airways Ltd. by 0.3%, while rival Virgin Australia Holdings Ltd. jumped 3.2%, getting an additional lift from its announcement Friday that it would go ahead with a restructuring that would allow greater foreign ownership in the carrier. Many energy firms lost ground, however, with Woodside Petroleum Ltd. down 0.4% and Origin Energy Ltd. falling 0.5%, while Santos Ltd. and Oil Search Ltd. traded flat. Industrials rose, helped by upbeat U.S. economic data. Incitec Pivot Ltd. gained 0.6%, and Brambles Ltd. advanced 0.9%.
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