Stock Market | Aust Shares Lower As Dollar Surges

July 27, 2011 - 13:07

The Australia stock market was lower at noon after inflation data meant that local Australian dollar higher, and as the U.S. debt stagnation continuous roof.

By 1200 AEDT on Wednesday, the benchmark SP/ASX200 index fell 20.2 points, or 0.44 percent, to 4533.2 while the broader All Ordinaries index fell 19.6 points , or 0.42 percent, to 4626.7.

In the ASX 24, the September share price index futures contract fell 20 points to 4522 points, with a volume of 14,892 contracts.

IG Markets dealer Chris Weston said the inflation data published local market had weakened, pushing the Australian dollar higher.

The Australian dollar broke new ground above 110 U.S. cents after the publication of inflation figures, which showed the consumer price index (CPI) rose 0.9 percent in the June quarter.

"It 'sa match back of expectations that" will get a rate cut, "said Mr. Weston.