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S&P/ASX 200 Up 0.4%; BHP, Rio Tinto Stronger

S&P/ASX 200 Up 0.4%; BHP, Rio Tinto Stronger


Australia''s S&P/ASX 200 index up 0.4% midday at 4771.6 following positive lead from Wall Street overnight. Rise led by gains in key resource stocks BHP Billiton (BHP.AU) and Rio Tinto (RIO.AU), up 0.7% and 0.9%, respectively. "BHP and Rio Tinto continue to be strong, and there''s a lot of talk around the traps of really strong iron ore pricing, which will benefit the whole country, but especially those two companies," says RBS Morgans private client adviser Lisa Jarvis. "They may be strong into next week as well." Among financials, ANZ Bank (ANZ.AU) up 1% and Commonwealth Bank (CBA.AU) 0.5% higher, but Westpac (WBC.AU) down 0.3%. QBE (QBE.AU) one of standout performers, up 2.2% after a broker upgrade. Despite market gains, traders say that investors remain somewhat cautious ahead of U.S. non-farm payrolls tonight.(LMF)