Reuters: Hot Stocks: Australian shares retreat, but posts biggest weekly gain since Dec 2011

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Australian shares retreat, but posts biggest weekly gain since Dec 2011 Apr 26th 2013, 06:30 Fri Apr 26, 2013 2:30am EDT SYDNEY, April 26 (Reuters) - Australian shares reversed earlier gains to finish the session 0.1 percent lower, as financial sector took a breather from a recent rally, offsetting advances made by miners on the back of strong metals prices. Despite the modest loss on the day, the market posted its biggest weekly gain in well over a year. Bluechip miners BHP Billiton Ltd and Rio Tinto Ltd rose 2.8 percent and 2.1 percent respectively. Financials retreated from earlier advances. Top lender the Commonwealth Bank of Australia and National Australia Bank lost 1.2 percent and 0.4 percent respectively. Westpac Banking Corp bucked the trend, rising 0.2 percent. The S&P/ASX 200 index slipped 4.9 points to finish at 5,097.5, according to the latest data. The benchmark closed the week 3.4 percent higher, its biggest weekly jump since December 2011. New Zealand's benchmark NZX 50 index finished the session 0.2 percent or 9.7 points higher to an all-time closing high of 4,548.7. (Reporting by Thuy Ong; Editing by Shri Navaratnam)

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