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Australia Stocks Fall; Newcrest Hit On Writedown

Australia stocks lost ground early Friday, with many mining shares lower after gains in the Australian dollar, even as the currency came off its highs of the day. The S&P/ASX 200 fell 0.3% to 4,767.80, with BHP Billiton Ltd. losing 1%, Alumina Ltd. off 2%, and Fortescue Metals Group Ltd. falling 2.3% after losses in iron-ore prices. The losses came as the Australian dollar bought 95.45 U.S. cents, off from 96.05 U.S. cents overnight but still above its previous day level of 95.36 U.S. cents. Shares of gold miner Newcrest Mining Ltd. tumbled 7.6% despite overnight gains for gold futures after the miner said it expects to write down up to 6 billion Australian dollar ($5.7 billion) due to previous weakness for the metal. Airlines suffered as well, with Qantas Airways Ltd. down 2.2% and Virgin Australia Holdings Ltd. losing 1.1%. The Australian Financial Review reported that Air New Zealand Ltd. was seeking permission to further raise its stake in Virgin Australia to 26 %, sparking takeove...

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