Australian shares rose 0.3 percent on Thursday, propped up by gains in top miners and some banks and retailers, though volumes were low as concern grows that governments in Europe may be unable to contain the eurozone debt crisis. France and Germany clashed over the European Central Bank's (ECB) role in handling the eurozone debt crisis, stirring doubt about the region's ability to solve its problems.
Adding to the sombre tone was a surge in US oil prices above $100 a barrel for the first time since June. "Our market has staggered higher today in low volumes," said Ben Taylor, trader at CMC Markets. The benchmark S&P/ASX 200 index rose 10.8 points to 4,258.2, according to the latest data.
New Zealand's benchmark NZX 50 index fell less than a point to 3,280.7. BHP rose 1.1 percent to A$37.04 as iron ore prices rose to one-month highs in a 13th straight day of gains. Still, the mining heavyweight told shareholders and media it had turned more wary on the outlook for commodity markets, with customers facing tighter access to credit.
Bluescope Steel fell 2.8 percent to A$0.69 after it warned of a first-half loss, even excluding hefty restructuring costs of A$400 million to A$500 million. In August, Australia's largest steelmaker said it planned to close one of its two blast furnaces and slash 1,000 jobs after unveiling a full-year net loss of A$1.05 billion.
Building products maker James Hardie Industries Ltd rallied 6.6 percent to its highest in more than eight months after it doubled its second-quarter profit. Services firm Spotless Group climbed 1.7 percent to A$2.39. It rejected a second take-over offer since May, saying the A$698 million ($709 million) bid from buyout firm Pacific Equity Partners was too low.
Coal miner Aston Resources plunged 11 percent to A$9.55 after announcing its chief executive and chief financial officers had resigned. Qantas Airways dropped 0.8 percent after running up to a three-month high on Wednesday. Capital Group Companies revealed its investment management firms had raised their share holding in Qantas to 7.9 percent from 6.84 percent through market purchases.