Australia Stocks Slapped Lower By Greek Vote | Fox Business

Australian stocks smacked sharply lower in early Monday trading, as the Sydney market wrestled with uncertainty after Greece voted to reject the terms of its current international rescue program. The S&P/ASX 200 was down 1.7% about half an hour into the session, with the resource shares among the hardest-hit as a rising dollar -- lifted by safe-haven buying -- depressed most dollar-denominated commodity prices. Shares of BHP Billiton Ltd. lost 2.2%, Rio Tinto Ltd. fell 1.9%, Fortescue Metals Group Ltd. dropped 3%, and Arrium Ltd. tumbled 5.6%. A plunge in crude-oil futures sparked a concomitant weakening of energy stocks, with Woodside Petroleum Ltd. down 2.5%, Oil Search Ltd. down 3.3%, and WorleyParsons Ltd. down 3.7%. Gold shares rose, however, tracking a movement to the preceived safety of the precious metal, with Newcrest Mining Ltd. up 1.8% and Evolution Mining Ltd. rallying 4.4%. Meanwhile, financials also suffered from the Greek news (National Australia Bank Ltd. down 1.9%, Westpac Banking Corp. down 2.1%), as did large retailers (Myer Holdings Ltd. down 3.4%, JB Hi-Fi Ltd. down 2.1%).