Reuters: Hot Stocks: Australia shares inch down; global markets, Cyprus woes weigh

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Australia shares inch down; global markets, Cyprus woes weigh Mar 22nd 2013, 00:34 Thu Mar 21, 2013 8:34pm EDT (Adds details, comments, stocks on the move) SYDNEY, March 22 (Reuters) - Australian shares slipped 0.1 on Friday as gains in financials were offset by weakness in miners, as investors waited to see if Cyprus could meet a deadline on Monday to secure a bailout. Blue-chip iron ore miners were weaker, with Rio Tinto Ltd dropping 1.2 percent, while BHP Billiton Ltd shed 0.1 percent. Westpac Banking Corp led gains among banks, rising 1 percent. Top lender Commonwealth Bank of Australia was flat. The S&P/ASX 200 index was 4.9 points lower at 4,954.5 by 0010 GMT, extending losses into a fifth consecutive session. The benchmark slipped 0.2 percent on Thursday. "It's more this concern about what's happening in Cyprus, said Juliette Saly, a market analyst at Commonwealth Securities. "We did see some weakness come in from U.S. and European share markets so it's more global concerns that are really weighing on the market." The European Union gave Cyprus until Monday to raise the billions of euros it needs to clinch an international bailout or face the collapse of its financial system and likely exit from the euro currency zone. Wall Street stocks fell and European shares dropped to a two-week closing low on intensified worries about the effect of Cyprus' troubles on the euro zone. Oil miners fell, after crude oil prices dropped more than 1 percent as the worries about Cyprus and the euro zone revived concerns about the outlook for petroleum demand. Woodside Petroleum dropped 1 percent and Santos lost 0.9 percent. But gold miners were firmer, helping to cap broader losses as the safe-haven bullion rose to its highest in nearly a month. Newcrest Mining Ltd jumped 1.9 percent and Regis Resources Ltd added 1.4 percent. Elsewhere, defensives were moderately weaker. Top telecommunications provider Telstra Ltd and blood products maker CSL Ltd both fell 0.4 percent. Top supermarket chain Woolworths Ltd slipped 0.2 percent, but rival Coles-owner Wesfarmers rose 0.7 percent. New Zealand's benchmark NZX 50 index slipped 0.1 percent or 3.4 points to 4,339.1. STOCKS ON THE MOVE * Billabong International Ltd rose 3.6 percent to A$0.72. The troubled Australian surfwear brand said it remains in talks with two groups weighing $544 million bids for the company - a statement that comes after the company's shares plunged to a record low. (0015 GMT) * Whitehaven Coal Ltd lost 2.9 percent to A$2.185 after the coal miner announced cost-cutting initiatives at its Tarrawonga and Rocglen open cut mines, citing the continued weakness in global coal prices. (0016 GMT) * Leighton Holdings, Australia's largest construction group, slumped 6.9 percent to A$20.19 after the resignation of its chairman and two of its non-executive directors. (0016 GMT) (Reporting by Thuy Ong; Editing by Chris Gallagher) Link this Share this Digg this Email Reprints

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