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Monday 8 November 2010, 11:46
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Date Posted: 7/11/10 17:07:20
Australian stocks flat; Qantas at 3-wk low, but miners up
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EmailPrint..Topics:Commodities MarketStock MarketCompany News & Earnings.On Monday 8 November 2010, 11:46
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MELBOURNE, Nov 8 (Reuters) - Australian shares were flat on Monday, with Qantas Airways falling to three-week lows on concerns over its Airbus A380 fleet, still grounded after a mid-air engine failure on one of the planes last week.
Gains in mining and energy stocks were not enough to turn the tide, despite strong prices for copper, gold and crude oil, with some blue chips going ex-dividend and weighing on the market.
Oil hit a two-year peak, copper prices neared record highs and gold advanced. Wall Street posted its fifth consecutive week of gains on Friday as U.S. labour market data lifted confidence.
Mining heavyweight Rio Tinto rose 1.2 percent to a 26-month high of A$88.21.
"The market still does feel like it's trending higher," said Phillip Weinberg, dealer at Karara Capital.
"It feels like we're going to have a good run going into Christmas and the end of the year."
The benchmark S&P/ASX 200 index .AXJO was down 3.3 at 4,797.7 at 0040 GMT, still trading around six-month highs. The market gained 1.2 percent on Friday.
New Zealand's benchmark NZX 50 index .NZ50 slipped 2 points to 3,319.
STOCKS ON THE MOVE:
* Qantas Airways slid 4 pct to a three-week low after it decided to keep its Airbus A380 fleet grounded as it had found problems on three engines on two planes. [ID:nSGE6A6045]
Qantas shares sank to a low of A$2.74, the weakest since Oct 20, and last traded down 2.8 percent at A$2.78.
0009 GMT
* BHP Billiton climbed 0.3 percent to A$45.41, its highest since June 2008. Woodside Petroleum was up 1 percent at A$46.23 after touching a 6-month high of A$46.43.
* Orica , the world's top maker of explosives for mines, rose 2.8 percent to A$26.41, a one-month high, after it reported a 4.6 percent rise in full-year profit, beating market forecasts. See [ID:nSDY7ME65A].
0017 GMT
* Westpac Banking Corp fell 3.6 percent while Macquarie Group fell 0.9 percent as those shares traded exclusive of dividend on Monday.
0017 GMT
* Leighton Holdings fell 0.1 percent to A$33.16. Australian regulators cleared the way for Spanish builder ACS to pursue its roughly $5 billion hostile takeover of Germany's Hochtief AG . Leighton is Hochtief's Australian-listed unit. See [ID:nSGE6A6041]
0014 GMT (Reporting by Miranda Maxwell; Editing by Narayanan Somasundaram) ((miranda.maxwell@reuters.com; Reuters Messaging: miranda.maxwell.reuters.com@reuters.net; +61-3 9286-1464))
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