Sydney, Aug 27, 2007 (ABN Newswire) -
Australian shares rose sharply this morning following gains in US markets and as strong earnings and an upbeat outlook lifted shares in top retailer Woolworths, while top miner BHP Billiton rose on firmer metal prices.
At Midday the S&P/ASX200 index has jumped 100 points to 6189 and on the futures market the SPI 200's up 97.
In company news this hour, Challenger Financial Group announced this morning it had agreed to an alliance with Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities Company to pursue opportunities in Asia. Challenger said Bank of Tokyo and Mitsubishi would subscribe for 40 million new Challenger shares at $5.20 per share under the deal. Challenger also said it had entered a strategic relationship with Colony Capital to develop opportunities in the United States, Europe and Asia. Shares in Challenger have risen 6.4% to $5.32 in morning trade.
The full report is available at the following video and audio links.
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http://abnnewswire.net/lnk/S4QG90P7Australia's top betting group Tabcorp Holdings says it expected to lose about $150 million in turnover after an outbreak of equine influenza disrupted Australian horse racing. The interruption could hit Tabcorp's bottom line by around $5 million after the company lost $65 million in wagering turnover over the weekend. There have been no thoroughbred or harness race meetings since Aug 25 and the country' first outbreak of equine influenza began to spread out of control over the weekend as hundreds of horses started to show symptoms. There is a high risk suspension of racing will be extended for a prolonged period, impacting on spring racing carnivals and possibly the Melbourne Cup. Tabcorp Holdings shares have dipped 2.08% to $15.50.
Now to warrants with Macquarie Bank. Gaming stocks have fallen following an outbreak of equine influenza that disrupted horse-racing wagering over the weekend. The dip in stocks like Tabcorp and Tattersalls prompted warrant traders to leverage to a recovery, with good interest seen in TAHIMF Nov07 $11.00 Instalment, TAHIMD May08 $13.50 Instalment and TTSWMJ Sep07 $4.50 Call.
A 24 percent rise in full-year profit from zinc miner Zinifex has seen its shares jump higher in trade today, with momentum traders opening position to the long side through ZFXIMI Jan08 $12.00 Instalment and ZFXIMC May08 $10.00 Instalment.
Warrant day-traders have looked to trade movements in the broader market through index warrants, with activity seen in XJOWMI Oct07 6000 Call and XJOUMF Oct07 6100 Call.
Turning now to market indices, all indexes were making gains by lunchtime, in the lead the Energy Index rising 386 points to 13,731. Anzon Energy was a standout performer up 15.77% to $1.39 and a half cents. Beach Petroleum and WorleyParsons also made substantial gains.
The least amount of gains were registered by the Consumer Discretionary index adding 25 points to rise to 2746. Housewares International took a tumble, 6.82% lower at $2.05. CentreBet and Tabcorp Holdings also suffered in morning trade.
In Tokyo, the Nikkei is up 189 points and in New Zealand the NZSX-50 is up 28.
Gold is trading at $667.90 U.S an ounce and one Australian dollar's buying 82.84 U.S cents.
Source: Finance News Network © 2007
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
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