Australian shares rally as earnings boost
SYDNEY (MarketWatch) -- Australian shares rallied in early trading, with the S&P/ASX 200 index up 1.2% at 4,221.40. Earnings were helping the gains, with oil and gas services firm WorleyParsons Ltd. up 6.8% after announcing a 25% jump in fiscal-year net profit. In the financial sector, insurance firm Suncorp-Metway Ltd. climbed 5% after reporting a 42% drop in net profit that nonetheless beat analyst expectations, while media group Seven West Media Ltd. surged 15.5% after announcing its results.