Shares in Warehouse Group touched an 18-month low as the stock was downgraded to ‘hold’ from ‘buy’ by brokerage Craigs Investment Partners after the retailer cut its full-year earnings forecast, saying it was having to discount winter clothing and homewares because of warmer weather. Craigs analyst Chris Byrne cut his forecast for the retailer’s 2014 profit by 12 percent, the 2015 …

Australian state governments spent A$17.6 billion on subsidies for mineral and fossil fuel industries over six years, including A$8 billion to help transport coal, according to a report. The Australia Institute says it’s the first time state subsidies have been added up and they are on top of Federal subsidies, estimated at A$4.5 billion in 2013. The report reveals the …

Xero and Pacific Edge both fell to an eight-month low as investors freed up cash for upcoming listings by selling  growth stocks. Xero fell as low as $23 mid-morning before recovering back to $25.16. The Wellington-based cloud accounting software firm has fallen 46 percent in the past three months, from an intraday record of $45.99 in early March. Dunedin-based biotech company Pacific Edge declined 7.4 percent to an …