Aust Market Wrap, (ASX: MMX), (ASX: MBL), (ASX: PBL), (ASX: CPB), (ASX: RXM),
(ASX: PNA), (ASX: CTX), (ASX: GTG)
Sydney, Australia, Sept 20, 2007 - (ABN Newswire) - The share market managed
another positive session today. While many financial stocks were down on
lingering credit worries, the miners helped prop-up the market on the back of
a jump in metal prices.
The S&P/ASX 200 Index closed up 38 points to 6394, and on the futures
market the SPI 200 gained 10 points.
In economic news, New Home Sales figures released today show an 8.6 per cent
fall in the sale of new homes and units to 7,712 in August. Housing Industry
Association chief economist Harley Dale says new home sales are trending down
again and a failure to arrest this decline could see sales levels hit fresh
lows by the end of 2007.
The full report is available at the following video and audio links.
Turning to company news now, iron ore miner Murchison Metals has teamed up
with one of Japan's largest companies, Mitsubishi Corporation. Mitsubishi
says it's agreed to buy half of Murchison's iron ore assets for an
initial payment of $150 million. The aim of the venture is to establish a new,
independent infrastructure joint venture company. Murchison Metals chairman
Paul Kopey-tka says the sale will bring the firm closer to its goal of
becoming a world class iron ore and infrastructure company. Shares in
Murchison Metals closed 4.09% lower at $4.69.
And Macquarie Bank and PBL's takeover offer for the Canadian Gateway
Casino has been extended again. The $1.3 billion offer will now close on
October 24. The hold-up stems from the fact the deal still requires approval
from the British Columbia and Alberta Gaming regulators. If the offer goes
ahead, New World Gaming as it's to be known will gain a network of nine
casinos across Vancouver, Edmonton and Alberta. Shares in Macquarie Bank
closed up 0.39% to $77.40. Meanwhile shares in Publishing and Broadcasting
closed up 1.68% to $18.75.
In other news today, Campbell Brothers has snapped-up Australian coal services
company ACIRL. The $76.8 million deal was made by Campbell's laboratory
services division, ALS.
Rex Minerals has made a strong ASX debut. Shares in the gold and copper
explorer rose 32 per cent in the first half hour of trade, pushing above its
issue price of 25 cents. The stock closed the session at 30 cents.
Pan Australian Resources rose after Credit Suisse raised its one-year price
target for the firm from 74 cents to 84 cents.
Caltex chairman Richard Warburton has announced his retirement. He will be
replaced by Elizabeth Bryan on the 1st of October this year.
And Genetic Technologies has appointed Michael Ohanessian as its new chief
executive. He replaces outgoing CEO and GTG founder Mervyn Jacobson.
Now to today's best and worst performers, the best performing index was
the Energy index gaining 268 points to 15,302, while the worst performing
index was the Healthcare index shedding 23 points to 9303.
Compass Resources was the best performer in the S&P/ASX top 200 soaring
11.27% to $3.85; Commander Communications and Leighton Holdings also made
Murchison Metals was the worst performing stock today shedding 4.09% to $4.69;
Boom Logistics and Tower Australia also fell.
To commodities now, gold is currently trading at $723.80 US an ounce and light
crude is 3 cents weaker at $81.90 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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