Sydney, June 27, 2007 (ABN Newswire) - The share market slipped further into the red today declining for the fifth straight session. Worries about the U.S. economic outlook hit U.S. exposed firms, while weaker metal and oil prices hurt resource stocks.

The ASX 200 Index plunged 124 points to 6184, and on the futures market the SPI 200 also dived 124 points.

Turning to company news now, Qantas says it wants to train about 3 thousand pilots in the next ten years. The announcement was in connection with the establishment of a new stand-alone flight training business. Chief executive Geoff Dixon says the facility would be the largest of its kind in the world, operating independently of the airline, with its own profit and loss responsibilities. Captain David Coates has been chosen to manage the new business.

Meanwhile shares in Air New Zealand slumped today after Qantas announced it had sold a 4.2 per cents stake in the carrier. Shares in Qantas Airways last traded 1.6% lower at $5.52.

And Retail Food Group has extended its offer for Brumby's Bakeries by a fortnight. The offer will now close at 5 O'Clock eastern time on the 18th of July. The reason given for the extension was that a number Brumby's shareholders had indicated they would prefer to expect the offer in the NEXT financial year. Retail Food announced the off-market takeover for Brumby's on May 4 this year. Shares in Retail Food Group are steady at $1.49.

In other news today, Incitec Pivot says it plans to undertake a feasibility study in Indonesia aimed at boosting the output of three fertiliser plants.

Consolidated Minerals says it hasn't received any additional takeover offers and is not in talks with other potential suitors beside Pallinghurst.

Cemex has now received 82.68 per cent acceptances for its takeover of Rinker. It's just short of the 90 per cent required by the Mexican company.

Following our coverage on Sigma Pharmaceuticals, the drugs maker and pharmacy business has rejected reports the company's renewed its interest in rival API.

And Vulcan Resources says it's looking to raise $49 million and list on the Norwegian stock exchange.

Now to today's best and worst performers. In a sea of red the Utilities index was the best performing index losing 49 points to 7,529 and at the other end of the market the Health Care index dived 256 points to 8,292.

Invocare was the best performer in the ASX top 200 today gaining 2.72% to $6.05; Incitec Pivot and Duet Group also managed gains today.

Fortescue Metals was the worst performing stock today shedding 8.47% to $32.40; Arrow Energy and Asciano Group also struggled to gain investor support.

Gold is currently trading at $641.50 US an ounce and light crude is steady at $67.77 US a barrel.


Source: Finance News Network © 2007 http://www.finnewsnetwork.com.au

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