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Market Update

Australian Stocks Slide as Financial Year Ends, Gold Miners Cut Costs

Author: Marcus Jacob
Last Update: 10:29 AM ET June 28 2013

5:30 PM Sydney Market indexes in Australia closed lower after a two-day rally on the last day of financial year. Cautious investors sold mining and insurance stocks. For the week, the ASX index gained 1.4% but fell 3.4% in the month.

Australian stocks rested after two days of advance and the governing Labor Party appointed Kevin Rudd as prime minister for the second time ahead of election in the next four months.

The ASX 200 index fell 8.70 to close at 4,802.60 and the broader All Ordinaries slid 9.40 to 4,775.40.

For the week, the ASX 200 gained 1.4% and for the month declined 3.4%.

Australian dollar closed at 92.80 U.S. cents and in stock trading turnover climbed to 1 billion shares worth $7.1 billion.

Stocks in Review

Rio Tinto jumped 58 cents to $52.37 and BHP slid 10 cents to $31.37. Woodside Petroleum Limited increased 31 cents to $35.01.

David Jones Limited slid 7 cents to $2.55 and Breville Group up 3 cents to $7.06. Woolworths dropped 28 cents to $32.81.

Mirvac Group added 2 cent to $1.61. Lend Lease lowered 7 cents to $8.35.

Westpac gained 7 cents to $28.88, Commonwealth up 0.03% to $69.18 and National Australia Bank slipped 0.2% to $29.68 and ANZ increased 7 cents to $28.58.

Caltex Australia Limited plummeted 11.8% to $18.05 after the petroleum products refiner expects net operating profit between $160 million and $175 million for the six months through June and the company blamed the recent weakness in the Australian dollar, damaged fuel pipeline and fire at refinery.

Charter Hall Retail REIT gained 1.9% to $3.82 after the property investment company executed a contract to acquire the Secret Harbour shopping centre and adjoining vacant land south of Rockingham, Western Australia, for $33.2 million.

eServGlobal Limited closed unchanged at 35.5 cents after the mobile money solution provider said revenue in the first-half soared 24% to $13.6 million and net loss narrowed to $2.5 million from $11.2 million a year earlier.

Kingsgate Consolidated Limited plunged 8.1% $1.25 after the gold producer said it expects to write down $300 million from the two of its operating mines reflecting weaker prices in bullion markets.

Patties Foods Limited declined 5.1% to $1.41 after the frozen food maker lowered its full year earnings forecast and expects net profit of $16.6 million due to weak market conditions.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc