SPK spark new zealand limited

News: SPK 'Big Four' banks drag Australian shares lower; NZ slips

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    May 23 (Reuters) - Shares in Australia's 'big four' banks weakened on Tuesday as a result of a government tax proposal, dragging the benchmark index to a lower close.

    The S&P/ASX 200 index (xjo) ended 11.005 points or 0.19 percent lower at 5,760.2 points.

    The country's largest lender, Commonwealth Bank of Australia (CBA) fell 0.41 percent, while Westpac (WBC) slipped 1.03 percent.

    The banks issued a strongly worded statements, saying the new tax would result in A$1 billion of additional costs annually, and would also hurt customers and shareholders.

    Iron miner BHP Billiton (BHP) was also among the worst performers on the index, slipping to its lowest in nearly three weeks after ore prices slipped 1.72 percent on the Dalian Commodity Exchange DCIOcv1.

    Fortescue (FMG) ended 2.05 percent lower, while Rio Tinto (RIO) closed 0.63 percent down.

    New Zealand's benchmark S&P/NZX 50 index (nz50) shed 0.34 percent or 24.8 points to finish the session at 7,384.7.

    The country's largest provider of mobile phone services, Spark New Zealand (SPK), led losses, declining 1.87 percent to post its biggest drop in six weeks.

 
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