Sydney, Aug 16, 2007 (ABN Newswire) - The share market slipped further into the red today, at one point suffering its biggest one-day percentage fall in over seven years. It follows fears that Country Financial, the largest mortgage lender in the United States, could face bankruptcy, sparking renewed panic about a global credit squeeze.

The S&P/ASX 200 Index closed down 77 points to 5712, and on the futures market the SPI 200 lost 184 points.

Turning to company news now, Wesfarmers boss Richard Goyder says the Coles Group is still a good investment. He says share market dynamics have changed significantly since the takeover deal was announced but that the takeover target was still a good buy. Wesfarmers says it plans to create three new businesses to integrate Coles Group into its structure and expects savings of around $385 million if the acquisition is successful. The comments came as Wesfarmers reported a 25 per cent drop in earnings for the full year to $786.34 million. Shares in Wesfarmers closed 1.04% lower at $39.09

The full report is available at the following video and audio links.

Video Link

http://abnnewswire.net/lnk/1T0MKT84


Audio Link

http://abnnewswire.net/lnk/ZDNUCFF4

About 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

>>> CSL LIMITED
>>> EVOGENIX LIMITED
>>> QANTAS AIRWAYS LIMITED
>>> WESFARMERS LIMITED
>>> COLES GROUP LIMITED
>>> HFA HOLDINGS LIMITED