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Aussie Shares Fall Flat

AUSTRALIAN shares were flat on the back of the deal between Iran and key western powers to halt its nuclear program hit the big miners.
Iran and six world powers have in principle reached an interim agreement that would roll back parts of Iran's nuclear program. In exchange, some of the tough economic sanctions against Iran will ease. The accord to last 6 months, reached in Geneva on Sunday (European time), is hitting gold and oil prices, Australian Stock Report senior equity analyst Benny Sada says. "It's diminished the safe-haven appeal of commodities like gold. It's also boosted expectations that we're going to get an increase in crude supply in the next six to 12 months," he said. Diversified miner BHP Billiton lost 16 cents to $37.73, Rio Tinto shed 51 cents to $64.89, iron ore miner Fortescue dropped eight cents to $5.74 and gold miner Newcrest gave up four cents to $8.22. The major banks, Westpac lifted 26 cents to $32.78, ANZ gained 10 cents to $31.89, CBA rose 32 cents to $76.59 while NABwas up 6.5 cents at $34.165 as investors assessed the prospect of another RBA interest rate cut. "I would put that down to just more expectations for another RBA interest rate cut," Mr Sada said. Meanwhile, Telstra fell one cent to $5.07. On US markets, the Dow Jones Industrial Average lifted 7.8 points to 16,072 overnight, a fresh all time high, but the broader the S&P 500 lost 2.3 points or 0.13 per cent. The weak lead from Wall Street had led to curtailed gains on the local market, Mr Sada said. "Our market's flat on the back of that."