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May 13th, 2013 
Peter Nolan
Updated
The local share market closed almost flat and the Australian dollar ended the day’s session below parity for the first time in 11 months.
The All Ordinaries added four points to 5,195 and the ASX 200 matched that gain closing at 5,210.
The market was unmoved by local housing and business data; there has been a surge in the number of loans approved for newly built homes, indicating the housing construction market may be starting to recover.
But NAB’s leading monthly survey shows business confidence dropped to a four-year low last month.
Official figures out of China showed retail sales for April rose and fixed investment growth remained steady, while industrial production came in less that expected.
Commodity prices slid overnight, causing mining stocks to weigh on the market.
Gold miners were among the hardest hit as Newcrest retreated 3.7 per cent while St Barbara lost almost 5 per cent.
BHP Billiton dropped 0.5 per cent and Rio lost 1.5 per cent.
Fertiliser and explosives maker Incitec Pivot revealed a 23 per cent slump in first-half profit, making just $110 million.
The company blamed the dollar for hurting its fertiliser business but says its explosives arm remains strong despite the weaker mining sector.
Incitec Pivot shares did however rise by 3.5 per cent.
The banks ended mixed with Westpac closing the worst, down 3.2 per cent as it went ex-dividend.
The dollar traded around an 11-month low for much of the day, hurt by a rise in the value of the greenback.
It was spurred by some stronger-than-expected data on the United States economy, which has traders betting the Federal Reserve may soon wind back its stimulus program.
About 5pm (AEST) the dollar was buying 99.99 US cents, 77 euro cents, 65 British pence and 101.6 Japanese yen.
West Texas Crude was down to $US95.80 a barrel, Tapis dipped to $US107.80 and spot gold dropped to $US1,433 an ounce.
Topics:
stockmarket,
currency,
banking,
business-economics-and-finance,
australia
First posted
Source Article from http://www.abc.net.au/news/2013-05-13/dollar-ends-below-parity-for-first-time-in-11-months/4686696
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