Aust stocks fall at noon reflecting across the =2 Melbourne

AAP General News (Australia)
12-16-2003
Aust stocks fall at noon reflecting across the =2 Melbourne

Nomura Australia equity markets strategist Eric Betts said the downturn was a correction
from yesterday's gains.

"People got a bit too excited about Saddam being captured yesterday and we're seeing
a bit of a reaction to that," Mr Betts said.

News Corp was one of the hardest hit, falling 40 cents to $11.65 by 1255 AEDT while
its preferred scrip lost 33 cents to $9.73.

Elsewhere among media stocks, Kerry Packer's PBL was down five cents to $11.95 while
Fairfax was steady at $3.47.

In the resource sector, BHP Billiton lost 37 cents or more than three per cent to $11.62
and Rio Tinto fell 52 cents to $35.87.

Earlier, Rio Tinto announced moves to combine the corporate and service functions of
its two coal subsidiaries Coal & Allied Ltd and Pacific Coal.

Alumina dropped two cents to $6.07 while WMC Resources added two cents to $5.12.

In the banks, the Commonwealth Bank of Australia fell nine cents to $28.41, the National
Australia Bank dumped 16 cents to $29.89, Westpac slid 11 cents to $15.50 and ANZ was
down 15 cents at $17.26.

AMP was steady at $5.77.

Telstra lost four cents to $4.79 while rival telco and Optus-parent Singapore Telecommunications
shed two cents to $1.49.

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KEYWORD: AUST STOCKS NOON 2 MELBOURNE

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