Aussie stocks lower; miners, oil firms fall

(Adds details, comments)

SYDNEY, Oct 4 (Reuters) - Australian shares fell 0.7
percent on Thursday as top miner BHP Billiton Ltd (BHP.AX)
continued to retreat on worries the recent rally in resource
stocks may have been overdone, while energy firms fell on
weaker oil prices.

Analysts said the mood was also cautious ahead of Friday's
U.S. payrolls data for September, which may provide evidence
that the housing slump and credit market turmoil is spreading
to the broader U.S. economy.

"The miners aren't as popular this week considering they
had such a big run up last week," said Juliette Saly, market
analyst at CommSec.

"I don't think we are seeing the end of the rally for the
miners. There's going to be continued strength in commodities
because demand for our commodities is so strong," she added.

The benchmark S&P/ASX 200 index .AXJO fell 47.6 points to
6,612.4 by 0041 GMT, after finishing flat in the previous
session.

New Zealand's benchmark NZX-50 index .NZ50 fell 0.55
percent, or 23.93 points, to 4,303.94. The top stock, Telecom
Corp of New Zealand Ltd (TEL.NZ), was down 0.7 percent at
NZ$4.55.

U.S. stocks dropped on Wednesday after a broker's weak
outlook for chip makers drove a sell-off of technology shares
and as investors worried monthly jobs data could show
deterioration in the labor market [.N].

STOCKS ON THE MOVE

* The world's top miner BHP Billiton Ltd (BHP.AX) and rival
Rio Tinto Ltd (RIO.AX), which have surged over 30 percent since
mid-August, slipped for a second straight session on worries
that their shares may be risen too far too quickly.

BHP fell 2.1 percent to A$44.27 and Rio was down 1.9
percent to A$107.86.

0038 GMT

* Financial firms also dropped back, after gaining in the
previous two sessions on optimism that the worst of the credit
crisis may be over.

Macquarie Bank Ltd MBL.AX, Australia's top investment
bank, fell 1 percent to A$86.25.

Among the top banks, National Australia Bank Ltd (NAB.AX)
fell 0.4 percent to A$40.81 and Commonwealth Bank of Australia
Ltd (CBA.AX) lost 0.5 percent to A$57.67.

Australia and New Zealand Banking Group Ltd (ANZ.AX) nudged
down 0.1 percent to A$30.44 while Westpac Banking Corp (WBC.AX)
fell 0.6 percent to A$28.83.

0033 GMT

* Grains handler ABB Grain Ltd (ABB.AX) dropped 6.3 percent
to A$7.15 after it cut its 2007 full-year profit forecast by
more than half, citing the impact of Australia's drought
[ID:nSYD11070].

ABB said it saw full-year net profit of between A$5 million
($4.4 million) and A$8 million, compared to a previous forecast
of A$16-19 million.

0028 GMT

* Energy firms came under further pressure after U.S. crude
oil futures ended lower for the fourth day in a row on
Wednesday after a U.S. government report showed a surprise
build in stockpiles of crude oil [ID:nSP24074].

Woodside Petroleum Ltd (WPL.AX) fell 1.2 percent to
A$51.02, Caltex Australia Ltd (CTX.AX) lost 1.3 percent to
A$23.65 and Santos Ltd (STO.AX) was down 0.7 percent at
A$14.87.

0027 GMT
($1=A$1.13)
($1=NZ$1.33)