News: Market Wrap: Aus shares close down 0.29%

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The Australian share market traded below the open all day today and closed down 0.29 per cent. Debate heated up today on the trajectory of the Aussie dollar as it hit a high of $US0.9386 over the past 24 hours. A number of analysts are forecasting a return to parity with the greenback with key drivers being Australia’s high interest rates and solid debt markets.

The S&P/ASX 200 index closed 16 points down to finish at 5,454.  

 

The value of trades was $3.57 billion on volume of 658 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Westpac Banking Corporation (ASX:WBC) and Commonwealth Bank of Australia (ASX:CBA).

 

On the futures market the SPI is 22 points down.
 

Economic news
 

Consumer confidence has grown ever-so-slightly this month. The Westpac Melbourne Institute index shows a 0.2 per cent gain in June; while this week’s ANZ – Roy Morgan consumer confidence index has shown little change at 102.2. 

Company news

 

Mining giant BHP Billiton Limited (ASX:BHP) has terminated a contract it had with engineering and infrastructure management company Downer EDI Limited (ASX:DOW). The BHP Billiton Mitsubishi Alliance will conclude Downer’s overburden removal contract at the Goonyella Riverside Mine in Queensland from September 9.  BHP closed 0.94 per cent down at $35.94 

 

Flight Centre Travel Group Limited (ASX:FLT) expects its annual profit to come it at the lower end of its guidance range. The travel agent has attributed the forecast to disappointing leisure travel results in Canada and a tougher trading environment for the Australian leisure business. Shares in Flight Centre closed 1.15 per cent up at $46.43. 

 

Takeover target Aquila Resources Limited (ASX:AQA) has advanced its West Pilbara Iron Ore Project by executing land access agreements for Native Title. 

 

Ramsay Health Care Limited (ASX:RHC) has inked a deal which will see it pay $627 million to secure a controlling interest in France's biggest private hospital operator, Générale de Santé. 

 

Folkestone Limited (ASX:FLK) has revamped its brand, logo and fund names, to represent innovation and partnership.  

 

Whitehaven Coal Limited (ASX:WHC) has been hit with another legal challenge concerning its Maules Creek mine in New South Wales. 

 

Best and worst performers

The best performing sector was real estate investment trusts adding 2 points to close at 1,077. The worst performing sector was industrials, losing 60 points to close at 4,087 points.

The best performing stock in the S&P/ASX 200 was Acrux Limited (ASX:ACR), rising 10.9 per cent to close at $0.86. Shares in Pacific Brands Limited (ASX:PBG) and Aquila Resources Limited (ASX:AQA) also closed higher.

 

The worst performing stock was Downer EDI Limited (ASX:DOW), dropping 11.15 per cent to close at $4.70. Shares in Transfield Services Limited (ASX:TSE) and Sirius Resources (ASX:SIR) also closed lower. 

 

Commodities 

Gold is buying $US1,261 an ounce.
Light crude is $0.06 down at $US104.35 a barrel.
The Australian dollar is buying $US0.9384