(Adds Boom Logistics, updates indexes)
SYDNEY, Dec 3 (Reuters) - Australian shares edged down 0.1
perent on Monday as weaker oil and gold prices pressured
resource firms such as Woodside Petroleum Ltd <WPL.AX> and
Newcrest Mining <NCM.AX>, though optimism over a plan to help
stem the U.S. subprime crisis buoyed major banks.
The benchmark S&P/ASX 200 index <.AXJO> fell 7.7 points to
6,525.4 by 0122 GMT, after rising as much as 0.45 percent
earlier in the session. The index had risen a total of 2.6
percent in the previous two sessions.
New Zealand's benchmark NZX-50 index <.NZ50> rose 0.1
percent, or 5.1 points, to 4,067.99. The top stock, Telecom Corp
of New Zealand Ltd <TEL.NZ>, was up 0.7 percent at NZ$4.35.
STOCKS ON THE MOVE
* Equipment hire firm Boom Logistics Ltd <BOL.AX> dropped 6
percent to A$2.03.
The firm said on Friday it expects to post a net profit of
A$17 million ($15 million) to A$18 million in the first-half to
December, compared to the A$19.6 million it posted in the same
period last year.
After the announcement, Citigroup cut its price target for
the firm to A$2.37 from A$3.08, Macquarie downgraded its rating
to neutral, while UBS lowered its price target to A$3.20 from
A$3.50.
0122 GMT
* Top End Uranium Ltd <TEU.AX> made a lacklustre trading
debut, opening little changed from its issue price of A$0.20.
Shares in the uranium exploration company opened at A$0.205
and last traded at A$0.20.
0104 GMT
* Top banks rose on news that the U.S. Treasury and U.S.
mortgage industry leaders are close to finalising a plan that
would freeze interest rates for subprime borrowers before they
reset sharply higher [ID:nN30295202].
National Australia Bank Ltd <NAB.AX> rose 2.2 percent to
A$39.15 and Commonwealth Bank of Australia Ltd <CBA.AX> gained
0.8 percent to A$60.13.
Australia and New Zealand Banking Group Ltd <ANZ.AX> added
0.6 percent to A$28.32 while Westpac Banking Corp <WBC.AX> rose
0.9 percent to A$28.58.
2347 GMT
* Mining firms gained on firmer base metal prices, with
copper rising to a two-week high, while lead and nickel prices
also ended a touch higher [ID:nL30358738].
BHP, the world's top miner and Australia's top oil and gas
producer, rose 0.8 percent to A$43.32, while its main rival and
takeover target, Rio Tinto Ltd <RIO.AX>, was up 0.2 percent at
A$145.47.
2344 GMT
* Energy firms fell as oil prices dropped to a one-month low
under $89 a barrel on Friday on concerns about the economic
health of top consumer the United States [ID:nSP334572].
Woodside Petroleum Ltd <WPL.AX> fell 0.7 percent to A$48.17,
Santos Ltd <STO.AX> dropped 2.2 percent to A$13.99 and Oil
Search Ltd <OSH.AX> fell 2.6 percent to A$4.52.
2344 GMT
* Gold miners fell after the price of the precious metal
<XAU=> slid around 2 percent to touch a 10-day low on Friday, as
the market gave way to fund profit-taking for month- and year-end
[ID:nL30464471].
Newcrest Mining Ltd <NCM.AX> lost 1.8 percent to A$33.16,
Lihir Gold <LGL.AX> dropped 2.1 percent to A$3.83, Sino Gold
<SGX.AX> was down 2.9 percent at A$6.80.
2342 GMT
* Crown Ltd <CWN.AX>, the gaming company formed after the
split up of media and gaming firm Publishing and Broadcasting
Ltd, opened at A$14.88 on its trading debut and last traded at
A$14.50.
Consolidated Media Holdings <PBLDA.AX>, which houses PBL's
publishing assets, opened at A$3.70 and last traded at A$3.92.
PBL closed at A$20.80 on Friday, when it was delisted.
2341 GMT
($1=A$1.13)
($1=NZ$1.31)
(Reporting by Geraldine Chua)
(([email protected]; +612 9373 1818; Reuters
Messaging:[email protected]))
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