Australia shares turn negative; retailers dip

WELLINGTON, Nov 4 - Australian shares reversed early gains to dip 0.3 percent lower on Wednesday, as supermarket chains dipped on weak retail sales data.

The benchmark S&P/ASX 200 index <.AXJO> fell 12.4 points to 4,519.1 at 0242 GMT. It had fallen 0.2 percent on Tuesday.

New Zealand's benchmark NZX 50 index <.NZ50> was up 0.1 percent at 3,160.8.

STOCKS ON THE MOVE

* Woolworths <WOW.AX> fell 0.8 percent to A$27.91 and rival Wesfarmers <WES.AX> dipped 1.3 percent to A$26.57 after weaker-than-expected retail sales data [ID:nSYD529174]. Department store David Jones <DJS.AX> defied the trend, gaining 1.7 percent to A$5.39, as analysts expect the company to report strong first quarter sales this week.

0242 GMT

* Westpac Banking Corp <WBC.AX> shares jumped as much as 2.6 percent before settling 0.9 percent higher at A$25.66. Australia's third-largest lender reported a fall in second-half profit but provided the banking industry's most positive outlook yet. [ID:nSYD253066]

0240 GMT

* Gold miners Lihir Gold <LGL.AX> and Newcrest Mining <NCM.AX> rose more than 3 percent to A$3.29 and A$34.48 respectively, after gold prices hit a record high above $1,080 an ounce. [GOL/]

0240 GMT

* Coca-Cola Amatil <CCL.AX> rose 0.8 percent to A$10.36 after it said strong conditions had continued in the third quarter, and it was on track to meet its guidance. [ID:nSYD525984]

2340 GMT

* Shares in materials company Quickstep <QHL.AX> gained as much as 71 percent to A$0.65 after it signed an agreement which should see it manufacture components for top aerospace firms making fighter aircraft, a deal worth A$700 million.

2320 GMT