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APR 17, 2013 - MarketWatch

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Australia mining stocks lead market lower

LOS ANGELES (MarketWatch) -- Australia's stock market slipped lower Thursday, with the S&P/ASX 200 losing 0.4% to 4,983.30 after ending the previous session with a 1.1% gain. The large miners were among the big losers after sharp drops for copper futures, spot iron ore and other commodities overnight. Shares of BHP Billiton Ltd. retreated 2.8%, while those for Rio Tinto Ltd. lost 2.9%, with the pair also weighed by a price-target cut at UBS, which still kept a buy rating on the stocks. Fortescue Metals Group Ltd. dropped 3% even as it posted a 1% rise in quarterly iron-ore shipments, ... Read More

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