Reuters: Hot Stocks: Australia shares fall 0.9 pct on Cyprus crisis; miners weigh

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Australia shares fall 0.9 pct on Cyprus crisis; miners weigh Mar 19th 2013, 23:19 Tweet Share this Email Print Tue Mar 19, 2013 7:19pm EDT (Updates to open) SYDNEY, March 20 (Reuters) - Australian shares fell 0.9 percent early on Wednesday, tracking a decline on Wall Street on uncertainty about how Cyprus will avoid a bank default and possible reverberations in the euro zone, with a near 7-month low in copper prices hurting miners. Big miners dragged the market, with BHP Billiton, dropping 2.7 percent and Rio Tinto sliding 2.8 percent, after Goldman Sachs cut its price targets on the stocks due to concerns about an oversupply in iron ore markets. Fortescue Metals Group dropped 4.1 percent. The benchmark S&P/ASX 200 index was down 46.5 points at 4,940.9 by 2312 GMT. The benchmark dropped 0.6 percent and closed at a one-month low on Tuesday. New Zealand's benchmark NZX 50 index edged up 0.3 percent to 4,358.7 in early trade. (Reporting By Maggie Lu Yueyang; Editing by Shri Navaratnam) 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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