Sydney, July 4, 2007 (ABN Newswire) - Australian shares could open on firmer ground today, supported by a rise in US shares. Focus will likely remain on Wesfarmers and Coles Group after their shares sunk yesterday after the success of Wesfarmers $20 billion bid. The mining sector may also find support after Alcoa said it may raise its hostile bid for Alcan. Investors will also be keeping an eye out for the Reserve Bank of Australia's interest rate decision due at 9:30 this morning.
On Tuesday, the ASX was up 36 points to finish at 6,299. On the futures market the SPI200 is up 6.
To currencies, the Australian dollar has eased slightly ahead of the RBA's interest rate announcement. At 8:35AM the Aussie dollar is buying 85.52 US cents, on the crosses it's buying 104.75 yen, 62.82 Euro cents, and 42.41 British pence
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