Australian share prices closed down 0.33 percent on Monday as resources stocks lost ground, dealers said. The benchmark S&P/ASX 200 index dropped 16.3 points to 4,887.7, while the broader All Ordinaries fell 20.4 points to 4,957.6. A total of 842.57 million shares worth 3.09 billion Australian dollars (2.88 billion US) changed hands, with 634 stocks down, 407 up and 287 unchanged.
"The resources stocks were the ones that were punished today," said Austock senior client adviser Michael Heffernan. "It's commodities prices, it's the oil price, it's Rio (Tinto) with that uncertainty about their Guinea resource."
Anglo-Australian miner Rio Tinto said Sunday a concession which potentially could open a massive new iron ore field in the west African country appeared to have been rescinded. Rio Tinto lost 3.50 dollars to 118.10, while fellow mining giant BHP Billiton fell 76 cents to 38.35.
Among oil stocks, Woodside Petroleum gained 1.27 to 54.00 and Santos put on 40 cents to 17.85. Gold miners were up, with Newcrest rising 78 cents to 29.73, Newmont gaining four cents to 5.10 and Lihir up six cents at 2.70. Property developer Lend Lease Corporation fell 1.34 or 13.4 percent to 8.66 as it said it expected its 2008 full-year net profit to fall by 47 percent.
Ports and rail operator Asciano Group rose 68 cents or 16.39 percent to 4.83 after receiving a 2.9 billion dollar private equity take-over proposal. Among major banks, Westpac gained three cents to 21.02, Commonwealth Bank rose 18 cents to 39.68 and ANZ was up 28 cents to 16.45, while National Australia Bank fell 14 cents to 24.20.