http://nz.biz.yahoo.com//090518/26/cdm9.html
WELLINGTON, May 18 (Reuters) - Australian stocks fell 1.3
percent on Monday as concerns over the economic outlook
triggered selling in miners and financial stocks, while further
capital raisings also weighed down on sentiment.
Global miners Rio Tinto (ASX: RIO.ax) and BHP Billiton (ASX: BHP.ax)
fell as weakness in oil prices triggered concern for the
outlook for major commodities, while top banks felt the impact
of a drop in their U.S. counterparts on Friday.
"We're really only seeing a bit of support coming through
from safe-haven gold stocks today, elsewhere it is quite a big
selloff," said Juliette Saly, market analyst at Commonwealth
Securities.
Clothing retailer Billabong International (ASX: BBG.ax) and
grains handler GrainCorp (ASX: GNC.ax) announced equity raising
plans, the latest in a series that has seen Australian firms
raise around $18 billion so far this year.
"Capital raisings are once again playing on the market,"
Saly said.
Australia's benchmark S&P/ASX 200 .AXJO index was down
42.4 points at 3,730.8 by 0108 GMT after falling 3.4 percent on
Friday.
New Zealand's benchmark NZX 50 index .NZ50 fell 0.3
percent to 2,783.3.
Rio Tinto was down 2.7 percent to $60.22 while BHP Billiton
fell 2 percent to A$32.68.
STOCKS ON THE MOVE
* National Australia Bank (ASX: NAB.ax) down 0.3 percent at
A$21.40 and ANZ Banking Group (ASX: ANZ.ax) fell 1 percent to
A$15.12. Westpac (ASX: WBC.ax) , which traded without the rights to
its dividend, fell 3.3 percent to A$19.77 and Commonwealth Bank
of Australia (ASX: CBA.ax) down 0.75 percent to A$35.55.
0107 GMT
* Whitehaven Coal WHC.AX fell 9 percent to A$2.09 after
it said it had dropped a planned merger with Gloucester Coal
Ltd (ASX: GCL.ax) after a rival bidder stepped in with a A$7 a share
offer [nSYU006540]. Gloucester rose 18 percent to A$6.94.
0025 GMT
* New Zealand utilities investor Infratil Ltd (NZX: IFT.nz) fell
3 percent to NZ$1.65 after the company reported a NZ$191
million full year loss, hit by asset write-downs. [nWEL474647]
0000 GMT
(Reporting by Adrian Bathgate)
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