Australian stocks fell 1.3 % on Tuesday

Tuesday, 12 April 2011 07:33

Australian stocks fell 1.3 % on Tuesday in early trade, the biggest one-day loss in four weeks after hitting a 12 month high the previous session, miners and energy stocks were the main culprits. A decline in oil prices on worries that fuel costs may threaten the global recovery sparked selling across the resource sector as investors took profits, the Australian dollar was off as a result.

BHP Billiton was down 1.5 percent to A$48.80 and Woodside Petroleum , the nation's largest oil and gas company, fell 2.3 % to A$47.04 a day after BHP denied it was going to bid for Woodside .

The S&P/ASX 200 index dropped 62.4 points to 4,908.8. The index hit a 12-month high on Monday as top stock BHP posted its biggest one-day percentage gain in 11 months.

New Zealand's NZX 50 index eased 0.2 % to 3,454.1. 

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