Australia shares extend losses

Australian shares extended early losses to trade 0.8 percent lower on Friday, with Insurance Australia Group dipping after announcing weather-related claims would eat into margins. The market s losses were triggered by a reversal on Wall Street, on investor dissatisfaction that the euro zone could not solely handle the rescue for debt-stricken Greece and chose to share the burden with the International Monetary Fund. The benchmark S&P/ASX 200 fell 40 points to 4,845.4 at 0202 GMT, after losing 6.1 points on Thursday. New Zealand s NZX 50 index edged 0.3 points higher to 3,237.8. STOCKS ON THE MOVE * Insurance Australia Group ...

More...