Reuters: Hot Stocks: Australian shares reverse gains as miners slump

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Australian shares reverse gains as miners slump May 16th 2013, 06:24 Thu May 16, 2013 2:24am EDT SYDNEY May 16 (Reuters) - Australian shares reversed early gains to end 0.5 percent lower on Thursday as a slump in miners on the back of sliding metals prices dragged on the market, offsetting early leads gained by another record on Wall Street. Mining stocks took a beating after gold slid below $1,400 an ounce and Shanghai steel futures fell to their lowest in eight months on Thursday, reflecting softer demand in top user China. The S&P/ASX 200 index finished the session 26 points lower at 5,165.7. The index fell 0.6 percent on Wednesday. Gold miner Newcrest Mining Ltd lost 5.3 percent to 8-year lows, Regis Resources Ltd plumbed 3.4 percent and Perseus Mining Ltd fell 9.5 percent to four-year lows. Meanwhile global iron ore miners BHP Billiton Ltd and Rio Tinto Ltd lost 0.8 percent and 2 percent respectively. New Zealand's benchmark NZX 50 index slipped 0.2 percent, or 10.3 points to finish the session at 4,636. (Reporting by Thuy Ong; Editing by Eric Meijer)

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