Daily Digest

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Sino's Comment

Australian shares fell 0.3% today as miners such as BHP Billiton Ltd. (BHP: $29.93 down 72c) tracked steep losses in global metal prices, prompting investors to shift into defensive stocks like retailer Woolworths (WOW: $19.14 up 29c). The benchmark Australian S&P/ASX 200 Index fell 16.7 points to 5,217.4 and adding to Monday's 1.8% fall. The index is still up 9.5% in 2006. The index, which scaled a new peak last week, posted its lowest close since May 4.

Tabcorp Holdings Ltd. (TAH: $15.55 up 23c), Australia's top wagering group, firmed 1.5% on reaching an agreement with thoroughbred racing broadcaster ThoroughVisioN (TVN) to settle a long-running broadcasting dispute. Takeover target and paint maker Wattyl Ltd. (WYL: $3.55 up 7c) firmed 2% after South Africa's Barloworld Ltd. offered to sell its Bristol paint business in a bid to win approval from Australia's competition regulator for its bid for WYL.

Hardman Resources Ltd. (HDR: $1.83 down 27c), a partner in Woodside Petroleum's $708 million Chinguetti oil project in Mauritania, slumped 13%. The company said output at the field has fallen further because of poor performance from two wells and an equipment problem.

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