Sydney, July 25, 2007 (ABN Newswire) - The share market lost a fair bit of ground today. The big banks led the charge south after surprisingly strong domestic inflation data increased the risks of a rate hike early next month.
The ASX 200 Index closed down 82 points at 6341, and on the futures market the SPI 200 shed 85 points.
Turning to company news now, Alumina has cut its full year earnings outlook. The aluminium producer now looks set to earn around $490 million in 2007. The company said it was due to higher-than-expected refining costs. Also contributing were strikes at its bauxite operations in Guinea, higher freight and contractor costs, along with lower-than-planned production at Pinjarra. Shares in Alumina closed 6.87% lower at $7.59
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