Reuters: Hot Stocks: Australia shares down 0.5 pct; caution sets in ahead of data

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Australia shares down 0.5 pct; caution sets in ahead of data Mar 4th 2013, 01:23 Tweet Share this Email Print Related Topics Basic Materials » Cyclical Consumer Goods » Sun Mar 3, 2013 8:23pm EST (Adds details, comments, and stocks on the move) SYDNEY, March 4 (Reuters) - Australian shares fell 0.5 percent on Monday, as lower metal prices and caution ahead of domestic economic data due later this week prompted profit-taking after strong rallies for risk assets this year. The Reserve Bank of Australia will make a rate decision on Tuesday, while fourth-quarter GDP data will be released on Wednesday and January trade data is out on Thursday. "This will warrant a little bit of caution, a little bit of uncertainty," said IG Markets analyst Stan Shamu. "Should any of the readings disappoint it might just give investors the reason to lock in some profits," he said. The benchmark S&P/ASX 200 index lost 23.5 points to 5,062.6 as of 0059 GMT, also hurt as some blue chip stocks such as global miner BHP Billiton went ex-dividend. The index hit a 4-1/2 year high last Thursday but has since pulled back on fresh concerns over sluggish growth in China and the budget spending cuts in the United States. BHP fell 2.9 percent to A$35.78. Rio Tinto dropped 2.1 percent. Most big banks advanced, led by National Australia Bank Ltd which added 0.8 percent. Westpac Banking Corp lost 0.6 percent. Defensive stocks were stronger as investors rotated out of risk assets. Blood product maker CSL Ltd rose 0.7 percent, and Australia's flagship phone company Telstra Corp Ltd edged 0.2 percent higher. New Zealand's benchmark NZX 50 index fell 1.1 percent to 4,268.5. STOCKS ON THE MOVE * Southern Cross Media Group Ltd jumped 3.6 percent to A$1.58, after it said its board was reviewing a number of strategic options and any merger with other metropolitan television networks was prohibited. Ten Network Holdings Ltd, another Australian TV network, surged 4.7 percent to A$0.38. (0055 GMT) * Australian grain handler GrainCorp Ltd slipped 0.3 percent to A$12.20, after the U.S. giant agribusiness company Archer Daniels Midland Co said it could still make another bid after being rejected twice earlier. (0054 GMT) * Australian steel maker and iron ore miner Arrium Ltd tumbled 5.3 percent to A$1.12 as it traded ex-dividend. (0054 GMT) ($1= A$0.9818) (Reporting by Maggie Lu Yueyang; Editing by Edwina Gibbs) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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