Australia shares slip as investors take profits below 6,000 level

Hallenstein Glasson Holdings

23/03/2015 02:09

* Shares defy U.S., Europe, Asia 
    * Five points short of 6,000 
    * Follows gains last week 
 
 (Adds analysis, quotes, stocks on the move) 
    SYDNEY/WELLINGTON, March 23 (Reuters) - Australian shares 
edged closer to the crucial 6,000 level before retreating on 
Monday as investors shrugged off an upbeat lead from offshore 
markets and cashed in profits from the previous week's rally. 
    The benchmark index came within five points of the key 6,000 
psychological barrier, which it last traded above seven years 
ago. 
    "We'll zip through the 6,000 mark but I don't know if it's 
going to happen today," said PhillipCapital Australia senior 
client adviser Michael Heffernan. 
    "It's a pretty disappointing beginning to the week, 
particularly given the performances we saw in Europe and the 
U.S., but there was an absence of any economic news anywhere." 
    The S&P/ASX 200 index  .AXJO  hit an intraday high of 
5,995.0 in the early session, headed for its first foray over 
6,000 since February 2008, before backtracking to be down 15.6 
points or 0.3 percent at 5959.9 by 0128 GMT. 
    U.S. and European stocks ended the previous week posting 
gains on hopes that declines in both currencies would boost 
economic growth. Asian stocks followed the lead higher on 
Monday.  ID:nL2N0WM2GG   ID:nL6N0WM4AD   ID:nL3N0WP00C  
    Financial stocks led the market lower, with Commonwealth 
Bank of Australia  CBA.AX  down 0.8 percent, Westpac Banking 
Corp  WBC.AX  0.5 percent weaker and National Australia Bank 
 NAB.AX  down 0.4 percent. 
    Mining services firms declined on concerns the sector will 
be among the hardest-hit by a collapse in mining investment as 
the sector copes with sharply lower commodity prices. Bradken 
 BKN.AX  was down 4 percent and Transfield Services  TSE.AX  
fell 4.8 percent, the biggest loser in the benchmark index. 
    In the large iron ore miners, Rio Tinto eased 0.1 percent 
while rival BHP Billiton firmed 1.5 percent, while Fortescue 
Metals Group  FMG.AX  fell 1 percent. 
    Retail conglomerate Premier Investments  PMV.AX  jumped 10 
percent, the biggest gainer, after saying half-yearly net profit 
rose 9 percent and declaring a special dividend. 
    New Zealand's benchmark NZX50 index  .NZ50  was down 0.1 
percent at 5,865.29, as it consolidated after hitting a record 
high a week ago. 
    Telecommunications company Spark  SPK.NZ , the market's 
second biggest stock by capitalisation, was leading the market 
with a 1.8 percent gain. 
    Smaller gains for other top-10 stocks Contact Energy 
 CEN.NZ  and software developer Xero  XRO.NZ , helped to offset 
softness in casino operator Skycity  SKC.NZ , down 1 percent, 
and the market top stock Fletcher Building  FBU.NZ , down 0.5 
percent. 
    Outdoor clothing and equipment retailer Kathmandu  KMD.NZ  
was down 4.1 percent. It is expected to post a loss on Tuesday. 
    Clothing retailer Hallenstein Glasson  HLG.NZ  was 1.9 
percent higher. It has said it expects a profit increase when it 
reports on Friday. 
      
              
 
 (Reporting by Byron Kaye and Gyles Beckford; Editing by Eric 
Meijer) 
 ((byron.kaye@thomsonreuters.com; +612 9373 1815; Reuters 
Messaging: byron.kaye.thomsonreuters.com@reuters.net))