Reuters: Hot Stocks: Australia shares slip after 10-day rally; miners, retailers fall

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Australia shares slip after 10-day rally; miners, retailers fall Jan 31st 2013, 01:23 Tweet Share this Email Print Wed Jan 30, 2013 8:23pm EST MELBOURNE, Jan 31 (Reuters) - Australian shares slipped 0.3 percent early on Thursday on caution over stalled U.S. economic growth, with investors taking a breather following the local market's 10-day winning streak, the longest in more than nine years. U.S. stocks fell on Wednesday after the Federal Reserve said economic growth had stalled and data showed U.S. gross domestic product had unexpectedly contracted in the fourth quarter. Australian miners and retailers were lower, pulling the market down from 21-month highs after a 5.3 percent gain in January. "Certainly at some point the share market faces a correction or a period of consolidation," said Craig James, a strategist at CommSec. "In the coming week investor optimism faces a test with the start of the Australian earnings season." The benchmark S&P/ASX 200 index was down 13 points at 4,883.5 by 0100 GMT. It rose 0.2 percent on Wednesday to a 21-month closing high. New Zealand's benchmark NZX 50 index slipped 3.2 points to 4,250.7. Still, CommSec revised up its forecasts for the Australian share market in 2013, projecting the S&P/ASX 200 index will rise to 5,300 points by the year-end, with an annual gain of 14 percent. "It does appear on current developments that we were too pessimistic," James said. "Certainly 2013 has started with an air of optimism. U.S. politicians show some willingness to deal with problems, no fresh issues have emerged in Europe and the Chinese economy is exhibiting firmer growth. Volatility has receded with investors keen to put cash to work in other asset classes," he said. STOCKS ON THE MOVE: * Supermarket operator Woolworths Ltd fell 1.7 percent to A$31.10 after it reported a 2.5 percent rise in second-quarter same-store food and liquor sales and maintained earnings guidance for the year. The result missed forecasts for a 2.8 percent rise, according to a Reuters survey of seven analysts, and compared with 3.9 percent growth in food and liquor sales at rival Wesfarmers via its Coles supermarkets. 0100 GMT * Pharmaceutical company Pharmaxis plunged 40 percent after it received a negative recommendation from a Committee advising the U.S. Food and Drug Administration on the use of Bronchitol for cystic fibrosis patients in the United States. 0100 GMT * Whitehaven Coal fell as much as 4.3 percent after it warned its earnings would be hit by problems with two sales contracts, weak prices, a strong Australian dollar and disruptions from a train derailment. 0101 GMT (Reporting by; 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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