Sellers dominate as favourites sold after early highs

The sharemarket took a hammering yesterday, with investors frightened by falls in the big banks along with a weaker market in United States.
At the 4.15 pm close of trading the ASX 200 index was down 79.2 points, or 1.63 per cent, at 4786.9, while the All Ordinaries lost 77.5 to close at 4739.8.
In the US, the Dow Jones Industrial Average slid 63.55 to 10,896.32 and the S&P 500 lost 4.68 to finish at 1282.93.
However, the market did hit new highs before the plunge, with the ASX 200 touching 4869.3 and the All Ords 4820.0.
On the Sydney Futures Exchange, the March share price index contract shed 91 points to 4763, on volume of 22,716.
"A lot of the shares that had been market favourites of late bore the brunt of the sell-off, with traders closing down positions quickly," CMC Markets analyst David Land said. "Much of the drive behind the falling market stemmed from slides in the prices of the big four banks."
Westpac led them lower, down 36c, or 1.5 per cent, at $22.80. National Australia Bank was 38c down at $32.25, the Commonwealth gave up 51c to $43.66 and ANZ 32c to $24.20.
In the resource sector, Zinifex slumped 82c to $7.40 after flagging a $280 million cost blowout at its Century mine.
"A lot of traders were expecting another bright day from Zinifex, following on from recent hikes in the price of zinc," Mr Land said.
"The news that costs would blow out at the Century mine blindsided the share price in early trade today, though."
Rio Tinto, one of the world's three biggest iron ore producers, reported a 16 per cent jump in iron ore production for 2005, with two operations posting record output, but its shares still shed $1.69 to $70.25.
BHP Billiton fared a little better, losing 23c to $23.73 while oil and gas producer Woodside lost $1.60 to $41.80.
Shares in logistics groups Toll and Patrick reversed after the regulator knocked back Toll's takeover attempt for its joint venture partner in Pacific National.
Toll plunged $1.45 to $12.70 and Patrick lost just over 52c to end at $6.75.
In retail, Coles Myer dipped 31c to $10.45, Woolworths was 23c lower at $16.95 and David Jones backpedalled 5c to $2.25.
News Corp added 5c to $22.70 and its non-voting scrip improving 10c to $21.54. But Fairfax shed 10c to $3.91 and PBL weakened 20c to $17.07.
Controversial wheat exporter AWB lost 25c to $5.77.
Gold stocks followed the slide in the price of the precious metal in the US overnight. Newcrest fell $1.29 to $24.16, Newmont lost 47c to $7.61 and Lihir was 12c down at $2.33.
The price of gold in Sydney was $US543.50 per fine ounce, down $US18.30 on Tuesday's local close.