Reuters: Hot Stocks: Australia shares slip on weaker miners and banks, end week flat

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Australia shares slip on weaker miners and banks, end week flat Nov 9th 2012, 06:05 Fri Nov 9, 2012 1:05am EST (Adds details, comments) CANBERRA, Nov 9 (Reuters) - Australian shares eased 0.5 percent on Friday, weighed down by miners and banks with investors fretting about U.S. fiscal woes and the global economic outlook, though the market trimmed earlier losses on bargain hunting and ended flat for the week. Top global miner BHP Billiton declined 0.6 percent to A$34.46, and Rio Tinto Ltd fell 1.1 percent to A$58.69. Westpac Banking Corp dropped 2.9 percent, and National Australia Bank Ltd sank 4.3 percent, as both traded ex-dividend. The benchmark S&P/ASX 200 index lost 21.8 points to 4,462.0, according to the latest data, after falling as low as 4,436.6. It fell 0.7 percent to 4,483.8 on Thursday. The Australian market has been declining for the second day in a global sell-off following U.S. President Barack Obama's re-election, but analysts said investors were looking to buy on bargains. "It's probably been oversold a little bit too much, and it's now the stage where people think it's probably reasonable to come back in and do a little bit of buying here and there," said Winston Sammut, investment director at Maxim Asset Management. The Reserve Bank of Australia cut its 2013 growth forecast on Friday to 2.75 percent, warning that the mining boom will peak earlier and at a lower level than expected as weaker commodity prices curb investment plans. It left the door open for more easing and interbank futures <0#YIB:> implied a 50-50 chance of a move in December. "There's still prospect of an interest rate cut in December, so rather than waiting until then, it's probably worthwhile picking up some stocks now," Sammut said. Leading department store chain Myer Holdings Ltd jumped 4.5 percent, and major competitor David Jones Ltd added 0.8 percent. Origin Energy plunged 5.7 percent, having touched a 4-1/2-year low, after the company warned its 2013 profit would fall by up to 10 percent. Earthmoving equipment provider Emeco Holdings Ltd dived 16.9 percent, hitting a nearly 2-1/2-year low, after the company said it saw some utilisation challenges in Australia due to lower commodities prices and subdued mining activity. New Zealand's benchmark NZX 50 index edged up 0.1 percent to 3,957.9. (Reporting by Maggie Lu Yueyang; Editing by Jacqueline Wong) Link this Share this Digg this Email Reprints

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