The Australian share market fell about 1 per cent at open but clawed back to close just 0.2 per cent down on the back of weaker than forecast
inflation figures, giving the Central Bank more scope to cut interest rates.
The S&P/ASX 200 index shed 9 points to finish at 4,124. On the futures market the SPI is 5 points lower.
Economic news
The Australian Bureau of Statistics has reported lower than expected inflation data. The consumer price index rose 0.5 per cent in the June quarter, compared to rising 0.1 per cent in the March quarter. In the June quarter CPI rose 1.2 per cent from last year.
Company news
Shares in Macquarie Group Limited (ASX:MQG) closed lower today despite the company providing an optimistic outlook for the 2013 financial year. Australia’s largest investment bank says provided market conditions do not worsen it expects to achieve an improved results in fiscal 2013. Shares in Macquarie Group dropped 1.77 per cent today, finishing at $23.87.
Stockland (ASX:SGP) has announced the retirement of its Managing Director, Matthew Quinn after 11 years with the company. The property developer also today lowered its expected full year earnings per security guidance. Shares in Stockland eased 0.63 per cent today, finishing at $3.18.
M&A
Pipeline operator APA Group (ASX:APA) has boosted its bid for Hastings Diversified Utilities Fund (ASX:HDF) to $1.3 billion trumping a rival $1.23 billion bid from Pipeline Partners Australia.
Paint maker DuluxGroup Limited (ASX:DLX) has adjusted its bid for Alesco Corporation Limited (ASX:ALS) after the building material manufacturer reported a full year loss yesterday.
Resources
Iron ore developer Atlas Iron Limited (ASX:AGO) has affirmed its set to double production by year end after posting a 25 per cent increase in June quarter shipments and posting a 70 per cent increase in its Pilbara Ore Reserve.
Copper and gold miner OZ Minerals Limited (ASX:OZL) has posted falls in its June quarter production and maintained its full year gold production guidance but warned full year copper production will come in at the lower end of guidance.
Best and worst performers
The best performing sector was Telco Services adding 10 points to close at 1,331.
The worst performing sector was Industrials, losing 23 points to close at 3,160 points.
The best performing stock in the S&PASX 200 was Intrepid Mines Limited (ASX:IAU), rising 8.7 per cent to close at $0.25. Shares in Coalspur Mines Limited (ASX:CPL) and Alacer Gold Corporation (ASX:AQG) also closed higher.
The worst performing stock was Linc Energy Limited (ASX:LNC), dropping 7.27 per cent to close at $0.51. Shares in Karoon Gas Australia Limited (ASX:KAR) and Pacific Brands Limited (ASX:PBG) also closed lower.
Commodities
Gold is trading at $US1,584 an ounce.
Light crude is $0.40 down at $US88.10 a barrel.
The Australian dollar
The Australian dollar is buying $US1.023.