Australia shares hit 3-month low; miners slump

SYDNEY, Feb 5 (Reuters) - Australian shares fell 2.3 percent on Friday to a three-month low after investors dumped riskier assets on European sovereign debt fears and poor U.S. jobs data. The benchmark S&P/ASX 200 index (.AXJO S&P/ASX 2006 February,201006/02/2010 03:25 Sydney, Australia. Value Change % Change 4514.1 -107.5 -2.3% Australian indices International indices .AXJO , 4514.1, -107.5, -2.3%) fell for the fourth straight week, its worst run since mid-2008. It has fallen 8.9 percent in the last four weeks but traders said they saw value in stocks and a rebound was due next week. "Our guys think there is good value in a lot of stocks. If you were waiting for a correction to buy, then this could be the time," said Chris Kimber, client adviser at Bell Potter Securities. Top miner Rio Tinto Ltd (RIO.AX RIO TINTO6 February,201006/02/2010 03:25 Sydney, Australia. Price Change % Change 66.600 -3.520 -5.020% Company overview Real-time quote RIO.AX , 66.600, -3.520, -5.020%) slumped 5 percent to a seven-month low to A$66.60 as metal prices slid. It announced it had hired Ian Bauert, a fluent Mandarin speaker, to head its China business in an effort to improve relations with its largest customer after the arrest of a top officials there. Fellow miner BHP Billiton Ltd (BHP.AX BHP BILLITON6 February,201006/02/2010 03:25 Sydney, Australia. Price Change % Change 39.550 -1.440 -3.510% Company overview Real-time quote BHP.AX , 39.550, -1.440, -3.510%) lost 3.5 percent to A$39.55. The benchmark fell 107.30 points to 4,514.30, its biggest one-day slump in two months. At one point, it touched its lowest level since early September. New Zealand's benchmark NZX 50 index <.NZ50> fell 1.4 percent to 3,104.99 An upgraded economic outlook by the Australian central bank failed to stop the rot. [ID:nSGE61403F]. Retailer Harvey Norman (HVN.AX HARVEY NORMAN6 February,201006/02/2010 03:25 Sydney, Australia. Price Change % Change 3.620 -0.100 -2.690% Company overview Real-time quote HVN.AX , 3.620, -0.100, -2.690%) shares fell 2.7 percent to A$3.62. It said second-quarter like-for-like sales rose 6.5 percent and that it was cautiously upbeat about the current half. [ID:nSGE6130MK] Worries about weakness in the U.S. economy hit shopping mall giant Westfield Group Ltd (WDC.AX WESTFIELD GROUP6 February,201006/02/2010 03:25 Sydney, Australia. Price Change % Change 12.200 -0.740 -5.720% Company overview Real-time quote WDC.AX , 12.200, -0.740, -5.720%) hard, with its shares down 5.7 percent at A$12.20. Westfield has a third of its properties in the United States. Gold miners and energy firms came under pressure after gold fell nearly 4 percent and oil slid 5 percent. Australia's top gold miner Newcrest Mining Ltd (NCM.AX NEWCREST MINING6 February,201006/02/2010 03:25 Sydney, Australia. Price Change % Change 31.150 -0.820 -2.560% Company overview Real-time quote NCM.AX , 31.150, -0.820, -2.560%) lost 2.6 percent and Lihir Gold Ltd (LGL.AX LIHIR GOLD6 February,201006/02/2010 03:25 Sydney, Australia. Price Change % Change 2.740 -0.120 -4.200% Company overview Real-time quote LGL.AX , 2.740, -0.120, -4.200%) fell 4.2 percent, while oil and gas producer Santos Ltd (STO.AX SANTOS6 February,201006/02/2010 03:25 Sydney, Australia. Price Change % Change 13.200 -0.560 -4.070% Company overview Real-time quote STO.AX , 13.200, -0.560, -4.070%) declined 4.1 percent. Banks also suffered, with No.4 lender Australia and New Zealand Banking Group (ANZ.AX ANZ BANKING GRP6 February,201006/02/2010 03:25 Sydney, Australia. Price Change % Change 20.900 -0.520 -2.430% Company overview Real-time quote ANZ.AX , 20.900, -0.520, -2.430%) leading the way down. (Additional reporting by Victoria Thierberger; editing by Denny Thomas) Source:money.ninemsn.com.au/