Inflation fears hit Australian stocks

SYDNEY, Feb. 11 (UPI) -- An Australian Reserve Bank warning that inflation will stay high caused Australian stock prices to tumble 2.1 percent Monday.

The All Ordinaries Index fell 121 points to 5,603 and the ASX 200 lost 120 points to close at 5,538.

All sectors took a hit with the industrial company Boral dropping 4.4 percent and National Australia Bank shares fell 4.3 percent.

Primary Health Care fell 3.4 percent after reporting a 24 percent drop in half-year profits to $18.4 million. The company said the decline was partly due to its $2 billion takeover bid for rival Symbion, whose stock increased 0.25 percent.

Shares in retail giant David Jones fell to an 11-month low of $3.60 after a cautious prediction of full-year profits.

Spot gold traded at $920.75 an ounce and a barrel of West Texas crude oil fetched $91.77.

The Australian dollar was buying 90.2 U.S. cents, 96.5 Japanese yen, 46.29 British pence and 61.96 euro cents.