The Australian share market had a weak start and then fell throughout the day, closing down 0.78 per cent.
The S&P/ASX200 Index finished 36 points lower at 4,537. On the futures market, the SPI is 35 points lower.
Economic news
Consumer prices rose by a sharp 0.9 per cent last quarter. This was the fastest annual consumer price inflation jump since late 2008, and has revived pressure for an increase in interest rates.
Company news
Aquila Resources Limited's (ASX:AQA) subsidiary IP Coal reached an agreement with Vale, the world’s second largest miner by revenues, after a dispute over their joint venture coal mine in the Bowen Basin. The dispute was related to the shipment of coal from the Isaac Plains Coal Mine. The companies have now decided that until March next year, normal shipments will resume. Shares in Aquila Resources Limited (ASX:AQA) rose 3.27 per cent today, closing at $7.26.
Atlas Iron (ASX:AGO), has bought a 19.9 per cent stake in Centaurus Metals Limited. The announcement saw Centaurus shares soar by more than 30 per cent today, and will give Atlas exposure to the Brazilian iron ore and steel market. Shares in Atlas Iron (ASX:AGO) closed 3.81 per cent lower today at $4.04.
Two large trades in Aristocrat Leisure (ASX:ALL) worth about $32.5 million inspired a rally in the company’s shares today. Shares were up 4.2 per cent by late morning.
Gloucester Coal Limited (ASX:GCL) increased fourth quarter sales by 16 per cent from a year earlier, leading to an 8.4 per cent increase in full year sales.
Roc Oil Company Limited (ASX:ROC) has trimmed its full year exploration and capital expenditure. The company said it expects to spend between US$90 and US$100 million this year, compared with its guidance of just less than $US120 million. The company said it is still continuing to seek new projects in Malaysia.
And rumours within Fairfax Media’s (ASX:FXJ) radio stations, including Sydney’s 2UE, that John Singleton’s Macquarie Radio Network would purchase the Fairfax’s radio arm and shut the stations down, have been quashed. Head of Fairfax Radio, Graham Mott, told his staff and advertisers yesterday that even after a sale, the business would operate as usual. Fairfax received indicative bids from Macquarie on July 18.
Sectors and stocks
All sectors were in the red today, with the best performing sector being Industrials, losing 3 points to close at 3,587. The worst performing sector was Healthcare, dropping 128 points to close at 8,329.
The best performing stock in the S&P/ASX200 was Murchison Metals, shares gained 7.43 per cent to close at 79.5 cents. Shares in Sandfire and MacMahon also closed higher.
The worst performing stock was Mirabela, falling 8.02 per cent to close at $1.95. Shares in Bluescope and Aquarius Platinum also closed in the red.
Commodities
Gold is trading at $US1,625 an ounce and Light crude is down 11 cents at $US99.48 a barrel.
