Sydney, July 24, 2007 (ABN Newswire) - Australian shares rose this morning following the lead of US stocks driven higher by takeover news and strong earnings. However gains were limited by a fall in oil prices that affected energy stocks.
At Midday the ASX200 index has lifted 37 points to 6,427 and on the futures market the SPI 200's up 43.
In company news this hour, Newcrest Mining reported gold production in the June quarter rose 15 per cent on a year earlier, helping it to record annual output of 1.62 million ounces. Australia's largest independent gold miner said quarterly production was up 19 per cent on the previous quarter, buoyed by a 30 per cent increase at its Cadia Hill project due to mining and processing higher grade ore. Production at the giant Telfer mine was up 18 percent on the previous quarter, although underground production was flat, hurt by rains in March that affected mine operations. Shares in Newcrest added 7.88% to $26.41
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http://www.finnewsnetwork.com.auAbout Finance News Network
Finance News Network (FNN) has been producing up-to-date concise business and finance news tailored to traders and investors alike since 2002. FNN content reaches a diverse and constantly growing audience via online streaming video, Street Vision broadcasts and the Telstra 3G mobile phone network.
http://www.finnewsnetwork.com.auAbout Finance News Network
Finance News Network (FNN) has been producing up-to-date concise business and finance news tailored to traders and investors alike since 2002. FNN content reaches a diverse and constantly growing audience via online streaming video, Street Vision broadcasts and the Telstra 3G mobile phone network.
http://www.finnewsnetwork.com.au
