The Australian share market lifted early today after a positive lead from Wall Street and hit a record high during the session.
But the record gains were lost and local stocks closed the session slightly lower with some analysts saying the fall is because of the market's outperformance in recent weeks.
The All Ordinaries Index ended the day nine-points down at 6,752 and the ASX 200 shed 10 points to 6,739.
There was another stellar performance from the Australian dollar today. The local currency reached a 23-year high of 90.72 US cents. This is despite a strengthening of its US counterpart over the weekend.
Australia's largest energy retailer AGL drove the market lower today slumping 16.6 per cent to $13.03, after cutting its 2008 profit forecast.
The miners were the strongest performers today as BHP Billiton gained 0.7 per cent to $46.50 while Rio Tinto jumped 1.4 per cent to $113.21.
Energy stocks also rose on the back of record high oil prices with Woodside Petroleum adding one per cent to $54.50.
The banking sector retreated from gains earlier in the session as the Commonwealth Bank fell 41 cents to $59.38, despite the lender announcing it has maintained earnings growth momentum in the September quarter.
ANZ was almost 0.5 per cent lower at $31.33.
Shares in Publishing and Broadcasting Limited fell more than 3 per cent to $19.85.
The company has decided to reassess plans to split its media and gaming assets. It wants to look at how proposed tax changes could affect the deal.
Qantas was one cent lower at $5.95 after it today announced a 7.7 per cent increase in passenger numbers during August.
About 5:00pm AEST the Australian dollar was buying 90.43 US cents, 44.54 UK pence, 106.4 Japanese yen and 63.79 euro cents.
West Texas crude oil was trading at $US83.73 a barrel and spot gold was fetching $US754 an ounce. © 2007 Australian Broadcasting Corporation
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