SYDNEY/WELLINGTON, June 28 (Reuters) - Australian and New Zealand shares fell on Tuesday as Britain's shock vote to leave the European Union continued to spread turmoil in global markets.
Financials remained the biggest drag, pressuring the S&P/ASX 200 index .AXJO down 1 percent, or 53.03 points, to 5085.20 by 0124 GMT. The benchmark had edged up 0.47 percent on Monday, but it is down 4.5 percent since Friday.
"It's a complete reversal of what happened yesterday," said CMC Markets' chief strategist Michael McCarthy.
"With the negative reaction overnight in American and European markets a lot of that enthusiasm has been reversed."
UK exposed financials extended their losses, led by BT Investment BTT.AX which fell 4.2 percent and is down 27 percent since the Brexit result. Shares in Henderson Group lost 1.87 percent on Tuesday and are also down 27 percent since Friday.
A 3 percent fall in oil prices overnight, to a seven-week low, led energy stocks down, with Santos STO.AX losing 5.5 percent and Worley Parsons falling 4.9 percent. And despite a rise in iron ore prices, Fortescue Metals Group FMG.AX shed 4.2 percent and BHP BHP.AX shares edged lower by 0.4 percent.
Media stocks fell with News Corp (NASDAQ:NWSA) NWS.AX losing 4.3 percent, Fairfax FXJ.AX down 2.2 percent and APN News & Media slipping 4 percent, following a 9.5 percent fall on Monday.
Investors sought safety in gold miners and telecommunications stocks, with Telstra TLS.AX shares rising by 0.7 percent, Newcrest Mining Ltd NCM.AX gaining 1.7 percent and Evolution Mining Ltd EVN.AX rising as much as 5.5 percent to its highest price since 2003 on its positive outlook for FY16 and FY17.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.34 percent or 22.91 points to 6,663.390 as the Brexit hangover kept buyers at bay.
Technology stocks suffered with online auction company Trade Me TME.NZ down 1.8 percent and accounting software company Xero XRO.NZ falling 1.1 percent.
Chicken producer Tegel TGH.NZ led losses, falling 2.4 percent, as investors took profits after the firm rose 4.4 percent the previous session.
Dual-listed Australian-owned banks also fell with Westpac WBC.NZ down 1.3 percent and ANZ ANZ.NZ down 1.4 percent, while New Zealand-based Heartland Bank HBL.NZ also lost 0.9 percent.
New Zealand Refining NZR.NZ led gains, up 2.1 percent while Air New Zealand AIR.NZ rose 1.0 percent.
For more individual stocks activity click on STXBZ