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Market Update : 
Australian Stocks Fall, Rio Tinto Delays
Author: 123jump.com Staff
123jump.com
Last Update: 8:02 AM ET January 13 2009

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Stocks in Australia continued their slides as metals and oil prices decline in the region. Sydney benchmark index declined nearly 1% and resource and financial stocks led the decliners. Rio Tinto delayed the second project mining project as the worldwide slowdown intensifies.

 
Commodity stocks fell as crude oil for February delivery fell 7.9% to $37.59 a barrel. Gold prices slipped $30 to $824 per ounce. Gloucester Coal dipped 8.5%, Panoramic Resources fell 7.8% and Atlas Iron declined 6.5%.

ANZ Shores Up Stake in PT Panin Bank to 38.3%

ANZ said today it has shored up its stake in PT Panin Bank in Indonesia by acquiring a further 8.4% stake for US$114 million.

The shares were acquired in private sales from institutional investors.

ANZ Chief Executive Officer Asia Pacific Alex Thursby said, “Indonesia is a key market in ANZ’s growth strategy in Asia and Panin is one of ANZ’s longest standing and largest strategic partnerships in the region.”


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