Reuters: Hot Stocks: Australian shares reverse gains as volatility hits investor mood

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Australian shares reverse gains as volatility hits investor mood May 24th 2013, 06:20 Fri May 24, 2013 2:20am EDT SYDNEY May 24 (Reuters) - Australian shares reversed early gains to lose 1.6 percent as faltering banks and market volatility hit investor sentiment on Friday, sending the benchmark index tumbling further from one-month lows touched a day earlier. Japan's Nikkei share average turned positive in a volatile session on Friday afternoon after the previous session's 7.3 percent plunge. Financials dragged as Westpac Banking Corp dropped 2 percent while top lender Commonwealth Bank of Australia dived 1.4 percent. Australia's fourth largest bank, Australia and New Zealand Banking Group Ltd tumbled 1.6 percent. The S&P/ASX 200 index fell 79 points to finish at 4,983.5, its lowest close since April 23. The index lost 3.8 percent for the week - the biggest weekly drop in a year. New Zealand's benchmark NZX 50 index finished 1.3 percent or 62.3 points lower at 4,526.2. (Reporting by Thuy Ong; Editing by Eric Meijer)

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