YDNEY, June 23 (Reuters) - Australian shares dipped 0.1 percent on Monday, but recovered from early lows as investors sought out beaten-down banking stocks after recent heavy losses. The benchmark S&P/ASX 200 index <.AXJO> was down 4.9 points to 5,283.4 by 0452 GMT, after falling as low as 5,211.6. The index has fallen for five straight weeks. Financial stocks came under pressure in early trade after warnings of more mortgage-related writedowns at Wall Street banks, but dealers said heavy losses among local banks in the past few weeks had attracted buyers looking for value. Investors were also focusing on the fact that local banks were insulated from much of the subprime turmoil that has battered U.S. banks. Worries about the impact of high oil prices on consumers weighed down on retailers, as investors focused on heavy discounting at mid-year sales to move excess inventory. Among the gainers were energy stocks, including Santos which rose 4.2 percent to A$21.26 on the back of stubbornly high international oil prices. New Zealand's NZX 50 index <.NZ50> rose 0.1 percent or 3.5 points to 3,286.8.
STOCKS IN THE NEWS * Among financials, Westpac Banking was flat A$20.62, after dipping to A$20.13, and Commonwealth Bank reversed losses to be up 0.7 percent at A$39.64, after falling to A$38.51. ANZ was down 0.2 percent at A$18.75 after The Age newspaper reported it was a creditor to another ailing firm, electronic payment company Bill Express. ANZ was also a creditor to troubled stockbroker Opes Prime and property group Centro Properties . 0442 GMT
* Troubled Australian investment group Babcock & Brown Ltd fell 2.3 percent to A$6.27 after a newspaper report that Kohlberg Kravis Roberts [KKR.UL], a U.S. private equity firm, was looking at the business, in the UK's Independent on Sunday. see [ID:nSYD279509] 0444 GMT
* Macquarie Group shares rose 1.0 percent to A$47.08, after earlier losing 2 percent. It said it has agreed to work for Telstra Corp Ltd as adviser on a bid to build a A$9.4 billion ($9.0 billion) fast broadband network, instead of bidding on the network itself, see [ID:nSYD296392]. Telstra added 0.9 percent. 0445 GMT
* Shares in ABC Learning Centres Ltd , which is facing a competition tribunal law suit, dropped 7.5 percent to A$0.675 as the country's largest private childcare provider said it would lift day care fees by up to 11 percent. 0205 GMT
* Orica Ltd , the world's largest explosives member, fell 2.4 percent to A$30.05 after sources said it has put on hold plans to auction its Chemnet division after bids came in lower than expected. see: [ID:nSYD30714]. 0045 GMT
* Retailers were weak across the board, with electronics retailer Harvey Norman down 1.9 percent at A$3.03, takeover target Just Group down 7.2 percent to A$2.95 and grocery wholesaler Metcash down 4.1 percent to A$3.79.
