Reuters: Hot Stocks: Australian shares slip, benchmark posts biggest monthly loss in a year

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Australian shares slip, benchmark posts biggest monthly loss in a year May 31st 2013, 06:25 Fri May 31, 2013 2:25am EDT (Updates to close) SYDNEY May 31 (Reuters) - Australian shares slipped 0.1 percent on Friday, as financials declined in a late-session sell-off that saw the benchmark fall 5.1 percent for the month, its biggest drop since May 2012. The local market has come under selling pressure recently on a combination of factors, including worries the U.S. Federal Reserve would start to taper its stimulus this year and slowing growth in China, Australia's major export market. While unexpectedly weak U.S. economic data overnight eased Fed stimulus jitters, the local market wasn't able to take full advantage of the slight shift in sentiment. The S&P/ASX 200 index slipped 4.1 points to finish at 4,926.6, according to latest data. Blue-chip banks finished weaker. Westpac Banking Corp dropped 1.5 percent after trading ex-dividend, and top lender the Commonwealth Bank of Australia lost 1.1 percent. Rural services and real estate business Elders Ltd dived 13 percent after reporting a first half net loss of A$303.2 million, compared with a net profit of A$47.1 million for the same period a year ago. New Zealand's benchmark NZX 50 index climbed 0.9 percent or 40.8 points to 4,511.4, in a near uninterrupted rally since June 2012. (Reporting by Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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