Aust Market Wrap, (ASX: WES), (ASX: CGJ), (ASX: TLS), (ASX: CNP), (ASX: CSH),
(ASX: SMY), (ASX: LCT)
Sydney, Australia, Sept 12, 2007 - (ACN Newswire) - The share market
wasn't able to hold on to earlier gains today ending the session in the
red. Sentiment was high early on expectations a U.S. interest rate cut may be
on the cards next week, while the big miners made some small gains on higher
oil and base metal prices.
The S&P/ASX 200 Index closed down 15 points to 6220, and on the futures
market the SPI 200 lost 20 points.
Turning to company news now, Telstra has flicked the switch ? but not for
everyone. Today the telco announced it has switched on its new turbo-charged
cable broadband that will give consumers instant downloads in areas like
sports and movies. Bigpond group managing director Justin Milne says the new
speeds are almost four times faster than standard cable broadband and 500
times faster than dial-up. Telstra has topped at Sydney and Melbourne,
however, saying they have no definite plans to take it Australia-wide. Shares
in Telstra closed steady at $4.35.
The full report is available at the following video and audio links.
And Wesfarmers has taken the Coles deal buy the horns and sent divisional
chief Keith Gordon to Melbourne to thrash out the details of the proposed
Coles takeover. Mr Gordon will lead the Wesfarmers team, while Coles chief
executive, John Fletcher will also be attendance with colleagues Mick McMahon
and Gary Kent. Mr Gordon has been charged with the responsibility for planning
and implementing the integration of the Wesfarmers and Coles business groups.
Coles shareholders are yet to endorse the revised bid but both Mr Goyder and
Mr Fletcher say the establishment of the committee was an important step to
completing the deal. Shares in Wesfarmers closed 0.39% lower at $38.75.
Meanwhile shares in the Coles Group closed 0.07% higher at $14.56.
In other news today, shares in Centro Property Group fell after Merrll Lynch
downgraded its rating on the property trust from a buy to neutral given its
exposure to a weakening U.S. economy.
Scaffolding firm Concept Hire announced U.K.-based oil services firm Cape has
agreed to buy the firm in a deal that values Concept at around $129 million.
Sally Malay Mining is pleased Merrill Lynch has started coverage on the firm
the investment group kicking it off with a buy recommendation citing
attractive valuations and earnings growth.
And shares in Living Cells Technologies shot up almost 30 per cent after an
announcement that the company has met all regulatory requirements to begin
clinical trials of its new diabetes drug.
Now to today's best and worst performers, the best performing index was
the Energy index gaining 28 points to 14196, while the worst performing index
was the Healthcare index shedding 117 points to 9014.
Sally Malay Mining was the best performer in the S&P/ASX top 200 climbing
5.65% to $3.93; Sims Group and Macarthur Coal also surged ahead.
Energy Developments was the worst performing stock today sliding 4.48% to
$3.20; Independence Group and Minara Resources also retreated.
To commodities now, gold is currently trading at $713.50 US an ounce and light
crude is 3 cents firmer at $78.26 US a barrel.
Source: Finance News Network Â© 2007 http://www.finnewsnetwork.com.au
About Finance News Network
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Copyright (C) 2007 ACN Newswire. All rights reserved.
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