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    Thursday, November 19, 2009

    Australia Shares Head South In Opening Trades

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    By Michael Kitchen
    MarketWatch Pulse
       

      LOS ANGELES -- Australian stocks fell early Friday after U.S. shares ended down, with resource and financial names moving solidly lower in Sydney. The S&P/ASX 200 dropped 1.2% to 4,694.0, with Westpac Banking Corp. down 1.3% and Australia & New Zealand Banking Group declining 1.4%. In the resource space, BHP Billiton Ltd. lost 1.7% of its value, while Rio Tinto Ltd. was down 1.8% after the intial public offering of its U.S. unit, Cloud Peak Energy Inc., priced at $15 a share, below its expected $16-$18 range.

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