Reuters: Hot Stocks: Australia shares at 5-mth lows on BOJ disappointment, banks sink

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Australia shares at 5-mth lows on BOJ disappointment, banks sink Jun 12th 2013, 01:45 Tue Jun 11, 2013 9:45pm EDT (Adds details, comments, stocks on the move) SYDNEY, June 12 (Reuters) - Australian shares fell 0.9 percent to trade at a five-month low on Wednesday after Wall Streeet slid in a volatile session on disappointment that the Bank of Japan failed to announce measures to calm volatility in markets. Financials led losses. Australia's fourth largest bank, Australia and New Zealand Banking Group tumbled 2 percent while top lender the Commonwealth Bank of Australia lost 1.2 percent. "The big support part of our market over the last 12 months is unfortunately the banks and also high yielding stocks," said IG's market strategist Evan Lucas. "They are quite top heavy, so it's another reason to walk away today." The S&P/ASX 200 index dropped 39 points to 4,718 by 0117 GMT, its lowest point since January 16. The benchmark rose 0.4 percent on Tuesday, snapping 3 sessions of losses. The index lost 3.8 percent last week on concerns over slowing growth in China, fear the U.S. Federal Reserve will wind back its stimulus this year and volatility in Japanese equities. "We've pushed through the resistance levels and hit a 10 percent correction level," said Lucas, noting the market has dived from its peak of 5,249.6 on May 15. Gold miners were trading weaker after bullion hit a near three-week low on Tuesday. Top Australian gold miner Newcrest Mining Ltd dropped 1.1 percent while Regis Resources Ltd fell 0.5 percent. Newcrest Mining also defended the timing of its profit warning in response to a query from Australia's stock exchange operator, saying it issued the warning five days ago as soon as the board had approved its 2014 budget. Weak metals prices hurt sentiment for mining stocks but losses were limited after mining shutdowns helped BHP Billiton Ltd cap copper processing fees and Rio Tinto Ltd announced plans to start exporting copper from the $6.2-billion Oyu Tolgoi mine in Mongolia. BHP lost 0.8 percent, while Rio Tinto fell 0.5 percent. New Zealand's benchmark NZX 50 index slipped 0.3 percent or 13.4 points to 4,450.1. STOCKS ON THE MOVE * James Hardie Industries PLC lost 1.1 percent to A$9.54. The company announced the retirement of its chief financial officer. (0120 GMT) * Transfield Services Ltd dropped 3.2 percent to A$0.765 after appointing BHP Billiton's Vincent Nicoletti as its chief financial officer. (0121 GMT) (Reporting by Thuy Ong; Editing by Edwina Gibbs) Link this Share this Digg this Email Reprints

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