Australia shares recover as capital raising undecided

SYDNEY/WELLINGTON: Australian shares recovered from early losses to stand higher by mid-session on Monday as investors flooded back into banks following a sell-off and some company profit announcements beat expectations.

On Monday shares in top lender Commonwealth Bank of Australia fell following media reports that it would make a similar announcement, but the bank issued a statement saying it had made no decision on raising capital and the sector recovered to positive territory.