Reuters: Hot Stocks: Australian shares reverse early gains, banks fall

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Australian shares reverse early gains, banks fall May 3rd 2013, 06:34 Fri May 3, 2013 2:34am EDT (Updates to close) SYDNEY May 3 (Reuters) - Australian shares finished the session largely flat on Friday as the financial sector reversed early gains ahead of a U.S. non-farm payrolls report. Sentiment was also affected by data from China showing recovery in Australia's largest export market remains modest. The S&P/ASX 200 index slipped 0.5 points to finish at 5,129.5. The benchmark finished 0.6 percent higher for the week. Financials which had a stellar start to the session dropped gains on the back of profit taking to finish the session weaker. Westpac Banking Corp fell from record highs notched earlier in the session to finish 1 percent lower. Top lender the Commonwealth Bank of Australia and National Australia Bank plumbed 2 percent and 0.3 percent respectively after notching record highs early in the session. Macquarie, however, soared 10.9 percent to a three-year high of A$43.11 after Australia's top investment bank beat forecasts with a 17 percent rise in full-year profit as cost cutting and strength in its annuity-style businesses outweighed lingering weakness in capital markets. Australian and New Zealand Banking Group advanced 0.3 percent ahead of the stock going ex-dividend next week. New Zealand's benchmark NZX 50 index finished the session 0.7 percent or 30.1 points lower to 4,544.3. (Reporting by Thuy Ong; Editing by Sanjeev Miglani) Link this Share this Digg this Email Reprints

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