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Australia shares fall 1.3 pct; banks dip
Tuesday May 12, 01:20 PM
(Adds details, comments)
WELLINGTON, May 12 (Reuters) - Australian stocks fell 1.3 percent on Tuesday, led by losses in banks and miners as investors booked profits after the market's recent rally.
Financial stocks followed the lead of their U.S. counterparts, which fell on concerns over dilution as several large banks announced share offerings.
"Clearly we've had a very big run in the market and any whiff of a turnaround will send a lot of profit-takers in," said Robert Hook, portfolio manager with S.G. Hiscock & Co.
Australia's national budget for 2009/10 is due later on Tuesday, and Hook said investors would look to how the government would look to cope with expected rising budget deficits, as the economy edges towards recession.
Miners Rio Tinto (ASX: RIO.ax) , down 0.8 percent at A$68.75, and BHP Billiton (ASX: BHP.ax) down 2.2 percent A$34.48, fell as metal prices dipped.
The benchmark S&P/ASX 200 index .AXJO fell 48.2 points to 3,877.8 by 0100 GMT, after dipping 0.4 percent on Monday.
New Zealand shares .NZ50 were down 0.1 percent at 2,825.1.
STOCKS ON THE MOVE
* Shares in iron ore miner Fortescue Metals (ASX: FMG.ax) fell 8 percent to A$2.82. The company said it is not currently looking at a Shanghai stock listing [nSYU006505], denying recent media reports.
0112 GMT
* Bank shares fell as their U.S. counterparts dipped on profit-taking. Westpac Banking Corp (ASX: WBC.ax) was down 0.6 percent, National Australia Bank (ASX: NAB.ax) was 1.2 percent lower, Australia and New Zealand Banking Group (ASX: ANZ.ax) fell 1.7 percent and Commonwealth Bank of Australia (ASX: CBA.ax) lost 2 percent.
0105 GMT
* Australian wheat exporter AWB Ltd (ASX: AWB.ax) fell 5.5 percent to A$1.22 after it cut its half-year forecast due to a poor performance from its Brazilian arm. [nSYU006504]
2346 GMT
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