Reuters: Hot Stocks: Australia shares wilt on soft data, technicals

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Australia shares wilt on soft data, technicals Feb 4th 2013, 05:27 Mon Feb 4, 2013 12:27am EST (Updates with closing levels, comments) MELBOURNE Feb 4 (Reuters) - Australian shares lost their grip on early gains to end 0.3 percent lower on Monday, pulled down by weaker-than-expected housing data, slow job advertising and technical resistance. The benchmark S&P/ASX 200 index hit an intraday high of 4,951 but ended down 13.6 points at 4,907.5. Analysts said the index hit technical resistance after rallying 6 percent this year. It has surged 13.6 percent since the Nov. 19 2012 low as investors look for better returns as interest rates decline. "After surging 0.7 percent in the first 20 minutes of trade, the market found strong resistance at 4,950 points, suggesting it is going to have to provide positive new data to break through this point," said IG Markets strategist Stan Shamu. Instead, surprisingly weak economic data added to the sell-off. Building approvals skidded 4.4 percent in December versus forecasts of a 1 percent rise, while job advertising fell again in January, indicating sluggish demand for labour. The major banks were mostly lower, led down by Westpac Banking off 1.3 percent. New Zealand's benchmark NZX 50 index ended up half a point at 4,246.4. Shares in Aquila Resources Ltd tumbled nearly 10 percent after it put its A$7.4 billion ($7.7 billion) West Pilbara iron ore project on ice at least through June due to funding difficulties. Aquila shares ended down 3.9 percent at A$3.00. Iron Ore Holdings initially slumped more than 7 percent after the firm reached agreement with Fortescue Metals Group on the early termination of Fortescue's exclusive option on Iron Valley, to develop an integrated mine. The shares ended down 2.9 percent at A$0.825. Fortescue ended flat at A$4.79. Shares in Qantas Airways Ltd slipped initially but ended unchanged after the airline outlined a new strategy for Asian markets, including adding flights and capacity to Hong Kong and Singapore, and flying to new destinations. (Reporting by Victoria Thieberger; Editing by Eric Meijer) Link this Share this Digg this Email Reprints

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