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Dollar hits record but market closes lower

THE Australian dollar has continued its record run hitting a fresh high of $US109.32 against the ...

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The local unit smashed through yesterday’s record high of $US108.51, which in turn broke the previous record set last Thursday of $US107.77.

The benchmark S&P/ASX 200 index closed little changed, up 0.1 points to 4873 while the broader All Ordinaries shed 1.7 points on 4952.3.

On Wall Street, the Dow Jones Industrial Average closed 95.59 points or 0.76% higher on 12,690.96, while the S&P 500 gained 8.42 points or 0.62% to reach 1355.66.

The big news of the day was the renewed pledge by US Federal Reserve chairman Ben Bernanke to keep interest rates near zero to stimulate the economy and maintain its record monetary stimulus, contrasting with Asian policy makers who are seeking to calm inflation.

“We have a combination of loose monetary settings and low interest rates and strong earnings,”Bloomberg quoted Sydney-based AMP Capital strategist Nader Naeimi.

“It’s a pretty good cocktail for a good equity market.”

The Fed kept its target rate for overnight lending between banks at 0-0.25%.

In Asian news, Japan’s economy took a greater hit from last month’s disaster than anticipated, with factory output declining the most since at least the end of the US occupation, underscoring calls for the central bank to add stimulus.

Government reports showed factory output had fallen 15.3% from February, the biggest drop since data began in 1953, and household spending slid 8.5% from a year earlier.

“Plunges in output and exports will weaken consumer spending and that may prompt discussions for more stimulus,”Bloomberg quoted Tokyo-based Bank of America-Merrill Lynch chief economist Masayuki Kichikawa as saying.

“The Bank of Japan will be compelled to consider adding more stimulus around the middle of the year as we get a clearer picture of how weak demand is.”

In response, Japan’s Fiscal Policy Minister Kaoru Yosano told reporters it was too early to consider such measures, Bloomberg reported.

Of the big miners, BHP Billiton shed A13c to close on $46.32, while Rio Tinto gained 3c to $83.48, Fortescue Metals Group dropped 8c to $6.38, OZ Minerals gained 3c on $1.495 and Paladin Energy shed 9c to close on $3.47.

Manganese explorer Spitfire Resources had one of the biggest share price runs of the day with its shares up 36% or 4.5c to 17c after extending manganese mineralisation at its new Contact prospect in the Pilbara.

The wooden spoon of the day went to Ishine International Resources when its shares dropped 34.6% or 9c to 17c on no news.

Argent Minerals received a speeding ticket from the ASX after its shares reached an intraday high of 4.3c from a closing price of 3.4c on Thursday, April 21.

Gold for June delivery on the New York Mercantile Exchange also reached an intraday record of $US1527.70 an ounce, while the spot price of the metal was fetching $1530.25/oz, up $3.10 at 4.29pm (AEDT).

Australia’s largest locally owned gold producer Newcrest Mining closed the day 4c higher on $42.06, while Kingsgate gained 12c to $7.66 and AngloGold Ashanti closed 3c down on $9.13.

Base metals on the London Metal Exchange continued their downward slide in overnight trade. Copper and lead took the biggest hits, each falling 2.35% to $US9321 per tonne and to $2498/t respectively for three-month delivery.

Tin fell 2.22% to $32,000/t, zinc dipped 0.91% to $2240/t, aluminium shed 0.11% to $2744/t and nickel lost 0.08% to $26,630/t.

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