The Australian stock market closed lower today, after finding it could not sustain the earlier momentum which sent the benchmark index past its previous closing high.
The Australian stock market closed lower today, after finding it could not sustain the earlier momentum which sent the benchmark index past its previous closing high.
At 1615 AEDT the S&P/ASX200 was down 4.2 points to 4634.8 while the all ordinaries had receded 1.7 points to 4583.6.
State One Stockbroking private client advisor Brett Walker said the US markets were relatively unchanged overnight with strong economic data lifting expectations of rising interest rates.
He said that overnight on the LME, Copper prices hit record highs with Zinc and Aluminium at their highest levels in more than a decade.
"Copper has risen more than 30 per cent since July," he said. "Oil futures continued to drift lower before the release of petroleum inventory data on Wednesday."
Walker said iiNet Limited shed 47cents to $1.91 amid broker earnings revisions and recommendation downgrades after yesterday's AGM. IIN has warned the market of significant short term impact from changes to Telstra's wholesale pricing, and sees lack of certainty after January.
Small cap drug maker Pharmanet Group Ltd. jumped 162.5 per cent to a 16-month high of A$0.084 on signing a deal with Molecular Pharmacology (USA) Ltd. to buy its fully-owned subsidiary Molecular Pharmacology Ltd. Pharmanet was the most active stock on Australian Stock Exchange with over 100,000,000 shares traded. PNO closed at off it's intra day high at 7.1c as the market digested the news.
Woodside was up 0.8 per cent despite the oil price weakening. Woodside's out-performance attributed to today's appointment of highly regarded boardroom executive Michael Chaney as director, to take over as chairman from Charles Goode in mid 2007.
On the Sydney Futures Exchange the December share price index contract dropped 21 points to 4628 on a volume of 14,146 contracts.
The pharmaceutical sector grabbed investor attention after speculation that Australia's largest supermarket chain Woolworths was in talks with pharmaceutical distributor Australian Pharmaceutical Industries, who denied the rumours.
API jumped 19 cents to $3.23. Elsewhere in the sector, Sigma improved 51 cents to $13.65 while recent Mayne spin-off Symbion gained 12 cents to $3.68.
Woolworths drifted nine cents lower to $17.01. Rival Coles Myer scraped off one cent to $9.99.
The resources sector was broadly stronger. Market leader BHP Billiton rose four cents to $21.87 and Rio Tinto put on 41 cents to $61.76.
Bucking the trend was Alumina, which slid six cents to $6.36.
However, gold stocks were weaker as the price of the precious metal pulled back from 18 year highs.
Newcrest shed 30 cents to $21.30 and Newmont fell five cents to $6.40.
Lihir Gold shares remained in a trading halt after Rio Tinto Ltd announced it will sell its 14.46 per cent stake in the gold miner for about $399 million.
The spot price of gold fell to US$494.75, down $US6.125 on yesterday's close of $US500.875, which marked the first time since December 1987 that the gold price had broken through $US500 per ounce.
The big banks were mixed with ANZ climbing 21 cents to $23.91, Westpac gaining four cents to $22.44, National Australia Bank shrinking 24 cents to $32.46 and Commonwealth Bank losing three cents to $41.80.
In the media sector, Kerry Packer's Publishing and Broadcasting was steady at $16.55 but John Fairfax found two cents to $3.92.
News Corp was unchanged at $21.33 while its non-voting stock dipped 12 cents to $20.29.
Among other blue-chips, national carrier Qantas rose two cents to $3.77 and Virgin Blue gained three cents to $1.57.
Telco Telstra dropped five cents to $3.85 while Optus owner Singapore Telecommunications rose four cents to $2.02.
The top traded stock was general medical supplies company Pharmanet, with 104.53 million shares valued at $7.40 million changing hands, according to preliminary calculations.
The stock rose 3.9 cents to 7.1 cents.
Preliminary national turnover was 1.48 billion shares worth $5.23 billion with 560 stocks higher, 468 lower and 342 unchanged.
INDEX MOVEMENT POSITION INDEX MOVEMENT POSITION
S&P/ASX200 -4.2 4634.8 Dow Jones -2.56 10888.16
All Ords -1.7 4583.6 S&P 500 +0.02 1257.48
SPI contract -21 4628.0 Nasdaq -6.66 2232.71
Gold $USoz -6.275 494.60 Nikkei +38.85 14966.55
$A/USD -.0012 0.7389 NZSE-50 +15.335 3317.768
Stock Move Price
AMP -0.170 7.710
ANZ Bank +0.210 23.910
BHPBilton +0.040 21.870
CBA -0.030 41.800
NAB -0.240 32.460
NewsCorp - 21.330
Rio Tinto +0.410 61.760
TelstraCp -0.050 3.850
WestpacBk +0.040 22.440
