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seven-week low=S&P/ASX 200=4,589.1
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Date Posted: 25/11/10 9:40:11
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.Fri 26 Nov 2010 4:37 - Australia Markets open in 5 hrs and 22 mins
..Australia shares at 7-week low, global woes persist
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EmailPrint.Topics:Stock MarketCommodities MarketInternational.On Tuesday 23 November 2010, 16:40 EST
(Updates with comments, details)
By Victoria Thieberger
MELBOURNE, Nov 23 (Reuters) - Australian stocks retreated 1.2 percent on Tuesday, hitting a seven-week low, as investors turned away from riskier assets on concerns about euro zone debt and weakened Chinese demand for metals.
"Investors seem to be unable to move beyond European debt contagion fears and concerns of further China policy tightening," said IG Markets strategist Ben Potter.
He said many investors had hoped the EU bailout of Ireland would soothe nerves. "It seems to have done the exact opposite, with traders simply looking for the next potential problem country in the Eurozone."
Banks and miners led the way lower, with Westpac losing 1.9 percent at A$21.31 and National Australia Bank off 1.8 percent at A$23.56.
Top miner BHP Billiton weakened as copper prices fell in Shanghai [MET/L], with the shares down 1.7 percent to A$43.14.
On its second day of trading, rail-freight business QR National extended gains that it had made on debut, rising as high as A$2.72. It ended up 0.4 percent at A$2.66.
The benchmark S&P/ASX 200 index .AXJO fell 54.4 points to 4,589.1, its lowest close since Oct. 1 and breaking through support at 4,600. The benchmark rose 0.3 percent on Monday.
New Zealand's benchmark NZX 50 index .NZ50 dropped 1.1 percent to 3,258.8.
Shares in grocery wholesaler Metcash rose 0.7 percent in early trade after the company said it would challenge regulators and proceed with its takeover of the struggling Franklins supermarket chain. The shares ended flat.
The Australian Consumer and Competition Commission (ACCC) had said a takeover would reduce competition, yet just last week top supermarket chain Woolworths said it would like to snap up some individual Franklins stores.
"The ACCC is not breeding efficiency, it is not breeding good competition in the industry. Franklins hasn't got the scale to compete with anyone," said FW Holst research manager David Spry.
Qantas shares edged up 0.4 percent after the airline said it would resume flying its Airbus A380 fleet from Saturday. Its A380 fleet has been grounded since Nov 4 when an engine partly disintegrated in flight. See [ID:nSDYMME6FQ]
Ten Network shares dropped 3.3 percent to A$1.595 after Australia's richest woman, Gina Rinehart, emerged as a 10 percent shareholder, just a month after billionaire James Packer snapped up an 18 percent stake in the free-to-air TV network. (Editing by Ed Davies)
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