Sydney, Aug 27, 2007 (ABN Newswire) -
The share market has finished the first day of the new trading week well into positive territory. Shares rose on strong earnings results, while the miners were lifted by firmer metals prices.
The S&P/ASX 200 Index closed up 97 points to 6185, and on the futures market the SPI 200 gained 96 points.
Turning to company news now, Rio Tinto is now one step closer to taking over Alcan. The world's third largest miner has received U.S. anti-trust approval for the planned takeover of the Canadian aluminium producer. It comes just three weeks after the miner received confirmation that the takeover met the requirements of the continuity agreement between Alcan and the government of Quebec. Once the deal is completed, Rio will become the world's largest aluminium producer. Shares in Rio Tinto closed 2.93% higher at $91.73.
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http://abnnewswire.net/lnk/UU0VU9I0And IBA Health has posted a large rise in full year profit. Australia's largest health-care information technology company reported earnings of $22.94 million, up 50 per cent on the previous year. IBA executive chairman Gary Cohen says profit was driven by the firm's successful acquisition strategy. The company said one of its major initiatives during the past 12 months was its entry into the Chinese market. IBA wasn't able to provide guidance for the current financial year but it did forecast continued revenue growth. Shares in IBA Health closed 3.63% higher at $1.
In other news today, shares in Insurance Australia Group fell after the company missed analysts' forecasts with a 27 per cent fall in full year profit due to recent storm losses.
Zinifex climbed today after it posted a 24 per cent increase in full year earnings on the back of record high prices for its zinc and lead.
Suncorp Metway rose after announcing it had beaten analysts' forecasts with a 16 per cent rise in full year profit and flagged a possible capital return at the end of the current year.
Transfield Services surged today after reporting a doubling of its full year profit. The result was due to new contracts at home and overseas markets, and a one-off gain.
And Fantastic Holdings says it's in a strong position after reporting a boost in annual profit of 14 per cent to $16.39 million.
Now to today's best and worst performers.
Well all the major indices were up today, the Energy Index was the best performing index gaining 415 points to 13760, while the index which saw the least amount of gain was the Consumer Discretionary Index increasing 11 points to 2732.
Transfield Services was the best performer in the S&P/ASX top 200 soaring 14.06% to $11.76; Murchison Metals and Beach Petroleum also tracked higher.
Commander Communications was the worst performing stock today sliding 11.22% to 87 cents; Centro Shopping and Insurance Australia Group also lost investor support.
To commodities now, gold is currently trading at $668.70 US an ounce and light crude is 14 cents weaker at $70.95 US a barrel.
Source: Finance News Network © 2007
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