(Adds McGuigan Simeon, updates indexes) 
    SYDNEY, Nov 20 (Reuters) - Australian shares fell 1.9 percent 
to an 8-week low on Tuesday as financial firms such as Macquarie 
Group <MQG.AX> and major banks dropped on fresh credit worries, 
while sharp falls in base metals prices dented miners such as BHP 
Billiton Ltd <BHP.AX>. 
    The benchmark S&P/ASX 200 index <.AXJO> fell 121.7 points to 
6,413.5 by 0053 GMT, its lowest since Sept. 24 and after falling 
as much as 2.2 percent in early trade. 
    New Zealand's benchmark NZX-50 index <.NZ50> fell 1.3 
percent, or 52.04 points, to a 12-week low of 4,062.64. The top 
stock, Telecom Corp of New Zealand Ltd <TEL.NZ>, was down 1.2 
percent at NZ$4.23. 
    STOCKS ON THE MOVE 
    * Wine maker McGuigan Simeon <MGW.AX> erased early declines 
to rise 5 percent to A$1.26. 
    The company said its export sales of branded wine rose over 
20 percent in the first quarter and it was seeing an improvement 
in margins. It reiterated that its expect to post a small profit 
in fiscal 2008. 
    0051 GMT 
    * Conglomerate Wesfarmers Ltd <WES.AX> rose 0.8 percent to 
A$41.12. 
    Macquarie Research upgraded its rating on Wesfarmers to 
outperform, with a 12-month price target of A$43.51 after taking 
into account the acquisition of retailer Coles Group on 
Wesfarmers' earnings and valuations. 
    Wesfarmers won approval for its A$20 billion ($17.7 billion) 
takeover of Coles earlier this month. 
    0024 GMT 
    * New Zealand electronics manufacturer Rakon Ltd <RAK.NZ> 
fell 6.4 percent to NZ$4.21, adding to a 12.6 percent slump on 
Monday after it said would struggle to meet its full-year 
earnings forecast. 
    0021 GMT 
    * Growing credit market worries saw financial firms come 
under renewed selling pressure following some brief respite in 
the previous session. 
    Macquarie Group, Australia's top investment bank, fell 1.5 
percent to A$79.28, Allco Finance Group <AFG.AX> lost 2.2 percent 
to A$6.97 and Babcock & Brown <BNB.AX> was down 1.7 percent at 
A$26.55. 
    2345 GMT 
    * The top banks also fell, with National Australia Bank Ltd 
<NAB.AX> losing 2.5 percent to A$41.60 and Commonwealth Bank of 
Australia Ltd <CBA.AX> down 1.6 percent at A$59.56. 
    Australia and New Zealand Banking Group Ltd <ANZ.AX> fell 0.8 
percent to A$ 27.83 while Westpac Banking Corp <WBC.AX> lost 1.7 
percent to A$27.55. 
    The financial services index <.AXFJ>, which rose 1 percent on 
Monday, was down 1.4 percent. 
    2345 GMT 
    * Mining firms declined after worries about the world economy 
hit base metals prices, with lead dropping almost 9 percent, 
while zinc fell to a 20-month low [ID:nL1913914]. 
    The world's top miner, BHP Billiton, lost 3.7 percent to 
A$40.04, while its main rival, Rio Tinto Ltd <RIO.AX>, fell 3.8 
percent to A$130.80. 
    Zinc miner Zinifex Ltd <ZFX.AX> was down 3.5 percent at 
A$14.76 and nickel miner Sally Malay Mining <SMY.AX> dropped 5.5 
percent to A$5.66. 
    2338 GMT 
    * New Zealand's main international gateway and takeover 
target Auckland International Airport Ltd <AIA.NZ> fell 2 percent 
to NZ$2.92 after it cut its full-year forecast as it battles high 
interest rates and fuel costs [ID:nWEL47538]. 
    2335 GMT 
 ($1=A$1.13) 
 ($1=NZ$1.32) 
 (Reporting by Geraldine Chua) 
 (([email protected]; +612 9373 1818; Reuters 
Messaging:[email protected])) 
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