Reuters: Hot Stocks: Australia shares down 0.9 pct on weaker miners, caution on Cyprus

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Australia shares down 0.9 pct on weaker miners, caution on Cyprus Mar 20th 2013, 01:00 Tweet Share this Email Print Tue Mar 19, 2013 9:00pm EDT (Adds details, comments, stocks on the move) SYDNEY, March 20 (Reuters) - Australian shares fell 0.9 percent in late morning trade on Wednesday, with weaker miners dragging the index, as investors fret about Cyprus and the possible effect on the euro zone should the island nation default. "That negative sentiment is flowing through to the Asia-Pacific region. This is despite the fact that last night's moves were actually good news for markets," said CMC Markets chief market strategist Michael McCarthy. on Tuesday Cyprus's parliament overwhelmingly rejected a proposed levy on savings accounts, throwing an Eurogroup plan to rescue the island's stricken banks into disarray. "Until we see a package in Cyprus that's credible, uncertainty is likely to weigh on share prices generally in Australia," McCarthy added. The benchmark S&P/ASX 200 index was down 44.8 points at 4,942.6 by 0045 GMT. The benchmark dropped 0.6 percent and closed at a one-month low on Tuesday. Blue chip miners BHP Billiton dropped 2.7 percent and Rio Tinto fell 3.2 percent, after Goldman Sachs cut its price targets on the stocks due to concerns about an oversupply in iron ore markets. Fortescue Metals Group plunged 3.9 percent. Earlier on Tuesday, big iron ore miners cautioned that China can no longer be counted on for unchecked opportunity, warning of volatile markets and softer prices as growth in China's steel production slows. Financials were also weaker, with the country's biggest lender Commonwealth Bank of Australia losing 0.6 percent. Consumer staples held their ground as funds fled risky assets. Supermarket chain Woolworths Ltd gained 0.7 percent, and Coles-owner Wesfarmers Ltd was flat. New Zealand's benchmark NZX 50 index edged up 0.3 percent to 4,360.0. STOCKS ON THE MOVE * Australia's No.2 department store David Jones rose 3.7 percent to A$3.07, after it posted a 13.5 percent fall in first-half earnings and said it was making good progress with its turnaround strategy. (0042 GMT) * Australian engineering firm Bradken Ltd fell 4.7 percent to A$6.83, after it said on Tuesday that an Australian court had ruled against the company regarding the accused "bid rigging" action in a private equity deal and ordered it to pay damages of $22.4 million. (0041 GMT) * Agribusiness company Elders dropped 3.9 percent to A$0.13, after it received a takeover offer from larger peer Ruralco Holdings Ltd for its rural services unit. (0040 GMT) * Gold miner Focus Minerals surged 5 percent to A$0.02, as the precious metal stayed strong on lingering uncertainty surrounding Europe's financial stability. (0040 GMT) (Reporting By Maggie Lu Yueyang and Michael Sin; Editing by Eric Meijer) 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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