29.07.201306:46:43UTC+00Australia stocks steady after 5-day win streak

Australian stocks displayed slight advances early Monday, a tentative start for the equity benchmark after five straight days of advances and ahead of a statement on financial policy from the U.S. Federal Reserve later this week. The S&P/ASX 200 spiked to 0.1% at 5,045.30 on mixed action among mining issues. Shares of miner Rio Tinto Ltd. bolstered 0.7% after the company said it plans to sell its 80% stake in Australian copper and gold mine Northparkes to China Molybdenum Co. for $820 million. Shares of Evolution Mining Ltd., meanwhile, declined 3% as the gold producer plans a writedown of assets by between 350 million Australian dollars ($324 million) and A$400 million in the wake of a drop in gold prices. Banking shares were mostly higher, led by a 1.1% increase in Westpac Banking Corp., but Macquarie Group Ltd. struggled with a 0.7% loss. Energy issues were down, including a 1.2% retreat by Origin Energy Ltd..