Updates to market close)
SYDNEY, Feb 2 (Reuters) - Australian shares slipped from
record peaks on Thursday as investors cashed in some of their
recent gains ahead of February's earnings season, and as Sims
Group'sprofit fall weighed on sentiment.
The Australian benchmark S&P/ASX 200 Index <.AXJO> fell 51.6
points, or 1.04 percent, to 4,905.1, based on the latest Reuters
data. It set a new record of 4,982.6 in opening trade, swinging
77.5 points from the day's peak to close.
The index is still up 3.4 percent in 2006, adding to last
year's near 18 percent rally.
"People are trying to identify the risky stories now," said
Leigh Gardner, head of sales trading at ABN AMRO. "There are
concerns about earnings, particularly in some of those markets
where there have been obvious pressures on prices."
Metals recycler Sims Group Ltd. dived 12.9 percent to a
six-month closing low of A$14.80 after reporting a 37 percent
fall in first-half profit. For details: [ID:SYD318051].
Rio Tinto Ltd/Plc, the world's
second-biggest miner, reports its calendar 2005 profit after
close of trade and analyst forecast it will more than double
profit to $5.1 billion. Rio shares lost 0.3 percent to A$74.98.
"It could be a few nerves ahead of the big results," said
Mike Kendall, head of Goldman Sachs JB Were's retail broking arm.
New Zealand shares rallied, the benchmark NZX-50 Index
<.NZ50> adding 42.78 points, or 1.3 percent, to 3,407.71. The top
stock, Telecom Corp. of New Zealand Ltd., rose 2.8
percent to NZ$5.82, after reporting a smaller-than-expected 4
percent fall in second-quarter profit. For details:
[ID:nWEL268654].
STOCKS TO WATCH
* Adelaide Bank Ltd.lost 4.6 percent to A$12.80,
despite a 24 percent rise in first-half profits, as its operating
costs rose 17.1 percent from a year ago.
* Australia's top paper maker Paperlinx Ltd.fell
5.4 percent to A$3.15 on concerns sluggish paper prices would
weigh on its profits. It reports first-half earnings on Feb. 23.
* Biotech group Avantogen Ltd.soared 32 percent to
A$0.165 after agreeing to acquire a 50 percent stake in U.S.
group Innovate Oncology Inc. in return for Avantogen's 50 percent
interest in a drug that prevents the development of resistance to
chemotherapy drugs used to fight pancreatic cancer.
* Macquarie Bank Ltd., the nation's top investment bank,
dropped further, falling 0.7 percent to A$63.00, after
Wednesday's profit warning sliced 7.2 percent from its shares.
* Uranium miner Energy Resources of Australia Ltd.
fell 0.9 percent to A$13.77 after reporting a modest 10 percent
rise in 2005 annual profit despite surging uranium prices. ERA
forecast steady sales this year
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