Reuters: Hot Stocks: Australian shares fall 0.9 pct, biggest weekly loss in a year

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Australian shares fall 0.9 pct, biggest weekly loss in a year Jun 7th 2013, 06:28 Tweet Share this Email Print Fri Jun 7, 2013 2:28am EDT (Updates to close) SYDNEY, June 7 (Reuters) - Australian shares fell 0.9 percent on Friday and posted their biggest weekly loss in a year, as selling in resource stocks dragged the index to a near five-month low. Investors were inclined to reduce exposure before the release of U.S. jobs data later in the day, which could provide clues about the future of the Federal Reserve's stimulus measures, analysts said. The S&P/ASX 200 index lost 43.5 points to 4,737.7, the lowest since Jan. 16. The index ended the week down 3.8 percent, its biggest weekly loss since May 2012. Newcrest Mining Ltd, the world's No. 3 gold miner, fell 7.6 percent to an eight-year low, after the company said it would write down its asset values by up to $6 billion in response to the worst slide in gold prices in 30 years. New Zealand's benchmark NZX 50 index slipped 0.3 percent to 4,439.9. (Reporting by Maggie Lu Yueyang; Editing by Chris Gallagher) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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