Reuters: Hot Stocks: Australian shares retreat on soft commodity prices

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Australian shares retreat on soft commodity prices Apr 3rd 2013, 01:27 Tue Apr 2, 2013 9:27pm EDT (Adds details, comments, stocks on the move) SYDNEY, April 3 (Reuters) - Australian shares edged lower on Wednesday, as mining and energy stocks weighed on the market after weakness in commodity prices offset support from a broader rally in global markets overnight. Gold miners slipped after bullion fell 1.5 percent on Tuesday, the biggest one-day drop in more than a month, as stronger equities undermined gold's safe-haven appeal. Newcrest Mining Ltd dipped 2.9 percent, while Regis Resources Ltd was down 4.2 percent. Australia's No.2 energy firm Santos dropped 2 percent, while Origin Energy was flat. "There are two things holding the market back, the mining sector and the energy sector," said Steven Daghlian, market analyst at Commonwealth Securities. The S&P/ASX 200 index slipped 9.1 points, or 0.2 percent, to 4,976.4 by 0103 GMT. The benchmark rose 0.4 percent on Tuesday. Iron ore miners were also a touch weaker with BHP Billiton Ltd and Rio Tinto Ltd falling 0.1 percent and 0.9 percent respectively. Financials were mixed. National Australia Bank and Westpac Banking Corp rose 0.8 percent and 0.5 percent, respectively, but Australia and New Zealand Banking Corp and Commonwealth Bank of Australia lost 1 percent and 0.4 percent respectively. Elsewhere, telecommunication and health stocks helped cap losses. Telstra Ltd added 1 percent while blood products maker CSL Ltd rose 0.3 percent. Retailer Woolworths Ltd shed 0.2 percent and rival Wesfarmers Ltd was down 0.4 percent. Australia's trade deifict narrowed sharply to A$178 million, in February according to data released by the Australian Bureau of Statistics. A Reuters poll forecast a trade deficit of A$1 billion. U.S. stocks rose to close at another record high on Tuesday, led by the healthcare sector after the government dropped plans to cut payments for some insurers, while factory orders data confirmed the economy is steadily improving. New Zealand's benchmark NZX 50 index added 0.2 percent, or 6.6 points, to 4,418. STOCKS ON THE MOVE * Shares in Billabong International Ltd were on a trading halt while negotiations continued between two possible private-equity suitors. (0106 GMT) * Toro Energy Ltd was trading flat at A$0.13 after the Federal Government gave environmental approval to the uranium miner's flagship project. (0106 GMT) * Shares in Minera Gold were voluntarily suspended to allow the company additional time to finalize an announcement regarding its operations in Brazil. (0106 GMT) (Reporting by Thuy Ong; Editing by Ed Davies) Link this Share this Digg this Email Reprints

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