By Michael Kitchen
LOS ANGELES (MarketWatch) -- Australian stocks pounded lower early Friday, with banks and miners leading the retreat after an overnight sell-off on Wall Street and disappointment on any quick fix for the controversial mining profits tax. The S&P/ASX 200 fell 1.1% to 4,429.9, with National Australia Bank Ltd. (AU:NAB 23.78, -0.60, -2.46%) (NAUBF 21.70, +1.25, +6.11%) down 1.3%, Australia & New Zealand Banking Group (AU:ANZ 22.83, 0.00, 0.00%) (ANEWF 18.10, +0.25, +1.40%) falling 1.7% and Westpac Banking Corp. (AU:WBC 21.67, -0.45, -2.03%) (WEBNF 20.15, +0.03, +0.15%) losing 1.7%. Mining majors tracked lower after rallying at the appointment of new Prime Minister Julia Gillard on hopes for an early settlement to the debate over how to tax the mining sector. Rio Tinto Ltd. (AU:RIO 69.60, -2.13, -2.97%) (RTP 48.99, -2.06, -4.04%) lost 2.2%, and Fortescue Metals Group Ltd. (AU:FMG 4.36, -0.18, -3.97%) (FSUMF 3.90, -0.04, -1.02%) gave up 2.4%. But strength in gold helped miners of the precious metal, with Newcrest Mining Ltd. (AU:NCM 35.65, 0.00, 0.00%) (NCMGF 31.15, +0.65, +2.13%) up 1.3%. |
