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Reuters New Zealand

Australia shares down 1 percent; banks fall

Wednesday October 28, 03:55 PM

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(Adds banks, Boral)

WELLINGTON, Oct 28 (Reuters) - Australian stocks extended losses to over 1 percent on Wednesday, with banks leading the falls on profit-taking in the wake of National Australia Bank's (ASX: NAB.ax) results.

Shares in NAB, Australia's top lender, reversed early gains to last trade down 2.3 percent at A$30.00 after the company reported a second-half profit in line with expectations and said it would take a conservative approach to capital management. [ID:nSYD510266]

"A lot of it's in the banks at the moment," said Burrell & Co dealer Daniel Manley.

"There was no great surprise in the NAB results but a lot of people thought some consolidation in the banks was well and truly due."

Inflation data slightly above expectations likely solidified views that a rise in interest rates was likely when the central bank meets next week, Manley added. [ID:nSYD541217]

The benchmark S&P/ASX 200 index .AXJO fell 57.1 points to 4,696.4 by 0249 GMT, after being flat for most of the session.

New Zealand's benchmark NZX 50 index .NZ50 gained 0.4 percent to 3,204.1.

Mining heavyweights BHP Billiton (ASX: BHP.ax) and Rio Tinto (ASX: RIO.ax) both fell on lower metal prices, with BHP down 0.6 percent to A$38.62 and Rio down 0.5 percent to A$64.69.

STOCKS ON THE MOVE

* Among the other top banks, Australia & New Zealand Banking Group (ASX: ANZ.ax) , which will report results on Thursday, fell 1.9 percent to A$23.29, Commonwealth Bank (ASX: CBA.ax) fell 2.8 percent to A$53.60 and Westpac Banking Group fell 2.6 percnet to A$26.53.

0252 GMT

* Shares in building materials firm Boral (ASX: BLD.ax) extended early losses to trade 5.25 percent lower at A$5.78, after it warned difficult trading conditions continued. Its competitors CSR Ltd (ASX: CSR.ax) Adelaide Brighton (ASX: ABC.ax) also tracked lower.

0230 GMT

* Defensive stocks such as healthcare and staples gained, with Sonic Healthcare (ASX: SHL.ax) up 2.6 percent to A$14.09 and packaging group Amcor (ASX: AMC.ax) up 2.3 percent to A$5.74.

0050 GMT

* Phone provider Telstra Corp (ASX: TLS.ax) rose 1.5 percent to A$3.29 after the company said it would not do a deal with the government that undervalued its fixed line assets. [ID:nSYD540420]

0000 GMT (Reporting by Adrian Bathgate)

More Quotes and Company Information:
  • ADELAIDE BRIGHTON LIMITED (ASX: ABC.ax)
  • AMCOR LIMITED(ASX: AMC.ax)
  • AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED(ASX: ANZ.ax)
  • BHP BILLITON(ASX: BHP.ax)
  • BORAL LIMITED.(ASX: BLD.ax)
  • COMMONWEALTH BANK OF AUSTRALIA.(ASX: CBA.ax)
  • CSR LIMITED(ASX: CSR.ax)
  • NATIONAL AUSTRALIA BANK LIMITED(ASX: NAB.ax)
  • RIO TINTO LIMITED(ASX: RIO.ax)
  • SONIC HEALTHCARE LIMITED(ASX: SHL.ax)
  • TELSTRA CORPORATION LIMITED.(ASX: TLS.ax)

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