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Australia shares turn negative; retailers dip
Wednesday November 4, 03:45 PM
(Adds retailers)
WELLINGTON, Nov 4 (Reuters) - Australian shares reversed early gains to dip 0.3 percent lower on Wednesday, as supermarket chains dipped on weak retail sales data.
The benchmark S&P/ASX 200 index .AXJO fell 12.4 points to 4,519.1 at 0242 GMT. It had fallen 0.2 percent on Tuesday.
New Zealand's benchmark NZX 50 index .NZ50 was up 0.1 percent at 3,160.8.
STOCKS ON THE MOVE
* Woolworths (ASX: WOW.ax) fell 0.8 percent to A$27.91 and rival Wesfarmers (ASX: WES.ax) dipped 1.3 percent to A$26.57 after weaker-than-expected retail sales data [ID:nSYD529174]. Department store David Jones (ASX: DJS.ax) defied the trend, gaining 1.7 percent to A$5.39, as analysts expect the company to report strong first quarter sales this week.
0242 GMT
* Westpac Banking Corp (ASX: WBC.ax) shares jumped as much as 2.6 percent before settling 0.9 percent higher at A$25.66. Australia's third-largest lender reported a fall in second-half profit but provided the banking industry's most positive outlook yet. [ID:nSYD253066]
0240 GMT
* Gold miners Lihir Gold LGL.AX and Newcrest Mining (ASX: NCM.ax) rose more than 3 percent to A$3.29 and A$34.48 respectively, after gold prices hit a record high above $1,080 an ounce. [GOL/]
0240 GMT
* Coca-Cola Amatil (ASX: CCL.ax) rose 0.8 percent to A$10.36 after it said strong conditions had continued in the third quarter, and it was on track to meet its guidance. [ID:nSYD525984]
2340 GMT
* Shares in materials company Quickstep QHL.AX gained as much as 71 percent to A$0.65 after it signed an agreement which should see it manufacture components for top aerospace firms making fighter aircraft, a deal worth A$700 million.
2320 GMT (Reporting by Adrian Bathgate)
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