Sydney, July 30, 2007 (ABN Newswire) - The share market began the session in the red but recovered this afternoon. Gains among the miners and strong economic fundamentals helped keep the market afloat.
The ASX 200 Index closed up 26 points at 6109, and on the futures market the SPI 200 gained 17 points.
In economic news, sales of new homes eased in June. According to the Housing Industry Association, total sales dropped just under one per cent in June to 8,321. HIA chief economist Harley Dale says addressing the shortfall in supply is critical to alleviating the housing affordability crisis.
Turning to company news now, Harvey Norman has teamed up with Quickflix in a campaign to encourage more Australians to rent movies online through major retailers.
Under the deal, Harvey Norman customers who spend more than $75 will receive a complimentary movie rental subscription from Quickflix valued at $50. Woolworth's Big W division is also set to launch a dedicated website in August or September that will allow customers to rent movies. Quickflix's partnership with Harvey Norman comes just one month after Woolworths entered its internet-subscribed movie rental partnership with Quickflix. Shares in Harvey Norman closed 0.19% lower at $5.15.
And shares in Bendigo Mining have surged following the discovery of two new reefs at its project in Victoria. The gold explorer says it's discovered two new low grade reefs at Grenfell East and Grainger. The company says the two new reefs were amongst the largest found to date and have large tonnage potential. Bendigo Mining was one of a number of companies expected to revive Victoria's gold sector but has incurred problems along the way forcing it to focus on exploration. Shares in Bendigo Mining closed 14.06% higher at 36 and-a half cents.
In other news today, Australand Property fell today after the company announced a net profit after minority interest of $119.6 million. That's up 34 per cent on last year.
Citigroup have raised their price target for Seek by 30 per cent to $10. Citigroup says employment advertising will be the key driver.
Regional Express rose today after news it paid $11.5 million for five Saab 340B aircraft.
Leighton Holdings has increased its stake in Macmahon Holdings. According to Fairfax press, Leighton wants to develop a closer relationship with the company. Mcmahon Holdings is a Western Australian-based engineering firm.
And takeover target Symbion Health suffered on the market today following news Primary Health Care has increased its stake in Symbion to nearly 14 per cent.
Now to today's best and worst performers, the Health Care index gained 116 points to 8426, and at the other end of the market the Energy index shed 131 point to 14,018.
AWB was the best performer in the ASX top 200 today gaining 5.88% to $3.60; SingTel and Brambles also performed well.
Consolidated Minerals was the worst performing stock today shedding 8.08% to $3.64; Mincor Resources and Straights Resources also retreated.
To commodities now, Gold is currently trading at $661.70 US an ounce and light crude is 36 cents weaker at $76.60 US a barrel.
Source: Finance News Network © 2007
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