Aust Market Wrap, (ASX: CGJ), (ASX: FXJ), (ASX: MFT), (ASX: NAB), (ASX: ANZ),
(ASX: GNI), (ASX: SYB), (ASX: HSP)
Sydney, Australia, Sept 18, 2007 - (ABN Newswire) - The share market fell
further into the red today. The National Australia Bank led the market down
along with other financial firms on growing credit market concerns. Softer
base metal prices also weighed on the miners.
The S&P/ASX 200 Index closed down 79 points to 6193, and on the futures
market the SPI 200 lost 20 points.
In economic news, business confidence is at its highest level in three years.
The Australian Chamber of Commerce and Industry-Westpac survey of industrial
trends for the September quarter showed its composite index at 56.4 the
highest level since 2004. It comes despite the Reserve Bank lifting its cash
rate target to an 11 year high in August.
The full report is available at the following video and audio links.
Turning to company news now, analysts have warned the Coles Group's
results may fall below expectations. At its half-year results briefing, Coles
chairman Rick Allert told shareholders that the retailer was on track to
deliver a $787 million net profit for fiscal 2007. Credit Suisse analyst
Andrew McLennan, however, says earnings good come in as low as $755 million.
And analysts at Goldman Sachs have warned earnings may sink as low as $719.9
million after one-off items are excluded. Shares in the Coles Group closed
0.47% lower at $14.85.
And the competition watchdog has given Fairfax the green light to absorb the
Riverina Media Group. The ACCC investigated the potential for aggregation of
agricultural publications in the greater Riverina southern NSW area. The
Commission concluded the acquisition was unlikely to substantially lessen
competition under section 50 of the Trade Practices Act. Rural Press bought a
stake in the Riverina Media Group back in May, a short time before Fairfax
swallowed Rural Press in a $2.7 billion merger. Shares in the Fairfax Media
closed down 0.22% to $4.42.
In other news today, MFS Diversified announced it sold two industrial
properties in Queensland for just over $20 million. The company is prospering
on the back of the flourishing Brisbane industrial market.
Analysts say the National Australia Bank and ANZ Bank are now more likely to
raise interest rates on their mortgages as a result of the global credit
Global Nickel Investments has made a strong debut on the stock exchange. The
nickel and gold exploration company opened at 25 cents that's a 25 per
cent premium to its issue price of 20 cents. The stock closed the session at
And according to sources close to the deal, healthcare firms Symbion Health
and Healthscope are planning to extend their tie-up talks as they continue to
search for alternatives to their failed $2.9 billion takeover deal.
Now to today's best and worst performers, well all the major indices were
down today. The index which fell the least amount was the Healthcare index off
8 points to 9173, while the worst performing index was the Property index
shedding 52 points to 2397.
Sino Gold Mining was the best performer in the S&P/ASX top 200 climbing
7.2% to $6.25; AWB and Newcrest Mining were also in favour today.
Adelaide Bank was the worst performing stock today sliding 6.99% to $13.71;
Bradken and MFS Limited also retreated.
To commodities now, gold is currently trading at $716.60 US an ounce and light
crude is 56 cents firmer at $81.13 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 ABN Newswire. All rights reserved.
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