Reuters: Hot Stocks: Australia shares down 0.6 pct as miners, banks sag; Origin slumps

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Australia shares down 0.6 pct as miners, banks sag; Origin slumps Nov 9th 2012, 01:42 Tweet Share this Email Print Thu Nov 8, 2012 8:42pm EST (Adds details, comments, stocks on the move) CANBERRA, Nov 9 (Reuters) - Australian shares were down 0.6 percent in late morning trade on Friday, weighed down by miners and banks as investors fretted about U.S. fiscal woes and the global economic outlook, though the market trimmed earlier losses on bargain hunting. "The market is souring on the back of potential concerns. This has been a recurring theme this year," said Michael McCarthy, chief market strategist at CMC Markets. The Reserve Bank of Australia trimmed its growth forecast for 2013 to 2.75 percent and expected mining investment to peak around 8 percent of gross domestic product, saying the global outlook remained tilted to the downside. The benchmark S&P/ASX 200 index was down 27.2 points at 4,456.6 by 0114 GMT, after falling as low as 4,436.6 earlier. It fell 0.7 percent to 4,483.8 on Thursday. Top global miner BHP Billiton declined 0.6 percent to A$34.44, and Rio Tinto Ltd fell 1.3 percent to A$58.57. New Zealand's benchmark NZX 50 index slipped 0.2 percent to 3,946.7. STOCKS ON THE MOVE * Westpac Banking Corp tumbled 3.2 percent, and National Australia Bank Ltd sank 4.0 percent, as both traded ex-dividend. (0112 GMT) * Origin Energy fell 5.3 percent, having touched a 4-1/2 year low, after the company warned its 2013 profit would fall by up to 10 percent. (0112 GMT) * Earthmoving equipment provider Emeco Holdings Ltd dived 14.2 percent, hitting a almost 2-1/2 year low, after the company said it saw challenging utilisation challenges in Australia due to lower commodities prices and subdued mining activity. (0112 GMT) (Reporting by Maggie Lu Yueyang; Editing by Chris Gallagher) Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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