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MELBOURNE, Nov 23 (Reuters)
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Date Posted: 24/11/10 6:43:00
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.Thu 25 Nov 2010 1:41 - Australia Markets open in 8 hrs and 18 mins
..Australia shares slip 0.4 pct; Qantas recovers
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EmailPrint.Topics:Stock MarketCompany News & EarningsInternational.On Tuesday 23 November 2010, 11:09 EST
(Updates with comments, stocks on the move)
MELBOURNE, Nov 23 (Reuters) - Australian stocks weakened 0.4 percent on Tuesday, undermined by offshore concerns about euro zone debt and weakened Chinese demand for metals.
"There are some issues in Europe but the authorities are clearly stepping up to the plate. While these negotiations go on, it makes the market a bit nervous," said Macquarie Private Wealth division director Martin Lakos.
Banks and miners led the way lower, with Westpac losing 1.75 percent at A$21.34 and top miner BHP Billiton losing 0.7 percent to A$43.57.
On its second day of trading, rail-freight business QR National extended gains that it had made on debut, rising another 1.5 percent to A$2.69. Its debut on Monday was underpinned by support from offshore hedge funds.
"You're seeing buying coming in potentially from those institutions that didn't participate in the IPO," said Lakos.
The benchmark S&P/ASX 200 index .AXJO fell 19.5 points to 4,624.0 at 2354 GMT. The benchmark rose 0.3 percent on Monday.
New Zealand's benchmark NZX 50 index .NZ50 dipped 0.2 percent to 3,290.3.
STOCKS ON THE MOVE
* Shares in grocery wholesaler Metcash rose 0.2 percent to A$4.38 after the company said it would proceed with its takeover of the struggling Franklins supermarket chain, challenging opposition from the competition regulator.
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 firmed more than 1 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 lost 2.7 percent to A$1.605 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. (Reporting by Victoria Thieberger; editing by Mark Bendeich)
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