MW: Australia shares fall; most resource stocks weaken
By Myra P. Saefong
TOKYO (MarketWatch) -- Australian shares edged lower early Thursday with most resource stocks on the decline after a fall in base-metals prices on the London Metal Exchange. The S&P/ASX 200 fell 0.3% to 4,808.0 in early action. Shares of BHP Billiton Ltd. (AU:BHP 40.50, -0.57, -1.39%) (BHP 75.69, +0.80, +1.07%) lost 0.6%, Rio Tinto Ltd. (AU:RIO 72.59, -1.85, -2.49%) (RTP 218.17, -1.46, -0.66%) was down 1.3% and Fortescue Metals Group Ltd. (AU:FMG 4.73, -0.11, -2.27%) (FSUMF 4.46, +0.06, +1.36%) shed 2.9%. Fortescue on Thursday said it's been ordered to pay $78 million to Zodiac Maritime to settle a shipping dispute, according to Dow Jones Newswires. Banking stocks were also weaker, with Australia & New Zealand Banking Group (AU:ANZ 24.20, -0.65, -2.62%) (ANEWF 23.35, +0.05, +0.21%) down 1.3%. The bank said its statutory profit for the half year ended on March 31 climbed 36% from a year ago, but it remained cautious on its outlook. Elsewhere in the region, South Korea's Kospi fell 0.1% in early trading while Japanese markets were closed for a holiday.
