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2013.08.0507:01:25UTC+00Australia stocks march down on bank weakness

Australia stocks backslide early Monday on weakness in bank and retail sectors after the market finished greater last week, and ahead of an interest-rate decision Tuesday by the Reserve Bank of Australia. The S&P/ASX 200 gave up 0.2% to 5,105.3, as shares of financials Macquarie Group Ltd. and Australia & New Zealand Banking Group slipped 0.6% and 0.4%, respectively. Retailer Woolworths Ltd. traded 0.7% lower and Wesfarmers Ltd. relinquished 0.3%. Meanwhile, stock in Paladin Energy Ltd. shrank 27%, extending Friday's decline after the uranium miner ended talks to sell a minority interest in a Namibian mine, and raised funds through a private placement of shares. Also lower, shares of Virgin Australia Holdings Ltd. retreated 5.5% after the carrier warned of a yearly loss of 110 million Australian dollars ($97.8 million). The S&P/ASX 200 last week increase 1.5%. 

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