2013.07.0802:35:33UTC+00Australia stocks slump as miners retreat

Australian stocks decline in early trade Monday, with mining issues hurt as a bolstering U.S. dollar marched most commodity prices down late last week. The S&P/ASX 200 sank 0.1% to 4,839 as shares of BHP Billiton Ltd. and Rio Tinto Ltd. relinquished 1.4% each, and gold producer Newcrest Mining Ltd. surrendered 5.6%. Gains in banking and energy shares, however, helped limit losses on the equity benchmark, with Commonwealth Bank of Australia inched up 0.4% and Woodside Petroleum Ltd. greater by 1.3%. Meanwhile, the Australian dollar weakened versus the U.S. unit, purchasing 90.54 U.S. cents compared with 90.65 cents late Friday. The S&P/ASX 200 last week skyrocketed 0.8%.