SYDNEY: Australian stocks scrambled higher in early Thursday action, with broad gains for the market overcoming weakness in some of the major miners to send the S&P/ASX XJO, +1.37% up 0.6%. While Greece still likely weighed on the market’s collective mind, a positive stock session for Wall Street seemed to help lift spirits, along with a six-month high for the ADP employment survey ahead of the definitive June U.S. jobs report due later in the day. Among gainers, Australia & New Zealand Banking Group ANZ, +1.14% ANEWF, -1.66% and Macquarie Group Ltd. MQG, +0.96% MCQEF, +1.74% rose 1% each, Myer Holdings Ltd. MYR, +2.40% climbed 2%, James Hardie Industries SE JHX, +2.69% JHIUF, -3.19% added 1.6%, and Brambles Ltd. BXB, +1.86% BMBLF, -4.57% improved by 1.3%. On the other hand, a lower iron-ore price helped sink BHP Billiton Ltd. BHP, +1.28% BHP, -0.54% Rio Tinto Ltd. RIO, -0.22% RIO, -1.16% and Arrium Ltd. ARI, +1.54% ARRMF, -42.86% by 0.1%, 0.2% and 1.9%, respectively, though Fortescue Metals Group Ltd. FMG, +2.46% FSUMF, -3.87% rose 1.1%. BlueScope Steel Ltd. BSL, +13.65% BLSFF, +6.01% rallied 8.5% amid the prospect of cheaper ore and as Ausbil Investment Management raised its stake in the company. A sharp overnight drop for crude-oil futures saw Oil Search Ltd. OSH, +0.68% OISHF, -2.68% fall 0.7% and Woodside Petroleum Ltd. WPL, +1.62% WOPEF, -0.91% lose 0.3%, but Qantas Airways Ltd. QAN, +0.61% QUBSF, +2.50% and rival Virgin Australia Holdings Ltd. VAH, +2.35% VBHLF, +0.37% rose 1.5% and 1.2%, respectively. Meanwhile, Pacific Brands Ltd. PBG, +30.77% surged almost 30% after raising its profit outlook for the financial year that ended Tuesday, and fellow apparel name Billabong International Ltd. BBG, +2.63% BLLAF, -2.20% added a more modest 1.3%.
