News: Australia, NZ shares slip on global growth concerns

Australian and New Zealand shares edged lower on Monday, after disappointing trade figures out of China revived concerns about global growth and dented sentiment for equities.

The S&P/ASX 200 index (xjo) fell 0.4 percent or 21.046 points to 5,271.0 by 0353 GMT, pulling away from a six-month high set last week.

"There is some divergence between weak economic numbers coming through and (recent strong) market performance," said Michael McCarthy, chief market strategist at CMC Markets, referring to recent U.S. jobs and China trade data.

He said a tumbling Australian dollar , down 3 percent last week, did not help sentiment with international investors kept on the sidelines.

Stocks in the material sector were the hardest-hit with Orica (ORI) skidding 11 percent to touch its lowest since late February.

The world's largest maker of mine explosives slashed its forecast sales volumes and halved its dividend to weather a prolonged mining slump after reporting a 10-percent fall in half-year profit.

Falling nickel and iron ore prices weighed on mining stocks with Rio Tinto (RIO) off 2 percent and BHP Billiton (BHP) down nearly 1 percent. Fortescue Metals (FMG) also dropped 1.4 percent.

Financials were also on the skids after two of Australia's biggest banks, ANZ Bank and Westpac, said they were investigating suspected fraud from home loan borrowers who rely on foreign income.

ANZ (ANZ), which traded ex-dividend, slipped 4 percent, while National Australia Bank(NAB) and Westpac (WBC) edged 0.1 percent lower. Commonwealth Bank of Australia (CBA) managed to rise 0.7 per cent after it posted third-quarter cash profit of A$2.3 billion, on track for an annual record.

Defying market gloom was the energy sector, buoyed by rising oil prices. Whitehaven Coal (WHC) jumped 7.5 percent and Santos (STO) gained 3.1 percent.

New Zealand's benchmark S&P/NZX 50 index (nz50) was down 0.1 percent or 7.75 points at 6,890.36.

The biggest gainer were Contact Energy (CEN), trading up 1.9 percent.

In the other direction, Sky Network Television (SKT) continued to tumble, down 6.7 percent. The stock lost ground Friday when it said its subscriber numbers were expected to fall further this financial year.