Sydney, Aug 28, 2007 (ABN Newswire) -
The share market finished weaker today. Fosters helped lift the market higher on strong earnings news, while U.S. exposed firms like Brambles weighed on the market on fresh worries about the U.S. economy.
The S&P/ASX 200 Index closed down 9 points to 6176, and on the futures market the SPI 200 lost 22 points.
Turning to company news now, RAMS Home Loans Group says its fiscal 2007 profit is in line with its prospectus forecast and that it's monitoring the likely impact of recent events in global debt markets. RAMS says its 2006/2007 pro-forma net profit was $43.5 million up 49 per cent on the previous year. Its statutory net profit, however, was $15.11 million compared with $29.97 million in 2005/2006. The company says the directors anticipate that the increase in the cost of funding will have a material negative impact on the company's published fiscal 2008 forecast. Shares in RAMS closed 9.48% lower at $1.05.
The full report is available at the following video and audio links.
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http://abnnewswire.net/lnk/L3MNO412And Air New Zealand has announced a huge lift in its full year profit. The carrier announced today its earnings increased by 123 per cent to $178.38 million. Chairman John Palmer says it's the strongest result in the past decade and comes off the back of significant growth in passenger revenue, and a continued reduction in unit operating costs. The company reported that passengers carried increased by just under 5 per cent to 12 and-a-half million and combined with improved yields were the key drivers of the improved revenue performance. The airline also announced a 10 cents per share special dividend on top of the final dividend of 5 cents per share and interim dividend of 3 cents per share. Shares in Air New Zealand closed 1.91% lower at $1.80.
In other news today, shares in Ramsay Healthcare slipped after Goldman Sachs JBWere downgraded its rating on the firm from a buy to a hold. The investment firm says the healthcare company has a benign growth outlook in fiscal 2008.
Jubilee Mines jumped after it announced it had entered a one-year nickel supply agreement with BHP starting October 1.
Funds manager IOOF has reported a slight fall in its annual profit. Earnings fell 3.3 per cent to $22.34 million but the company said it's on track to achieve 15 per cent growth in fiscal 2008.
And Goodman Fielder has also reported a decline in profit. Earnings fell 37.7 per cent to $239.8 million the food manufacturer reassuring investors the company was performing well in the first quarter of the new financial year.
Now to today's best and worst performers, the Property Index was the best performing index gaining 53 points to 2419, while the worst performing index was the Telecommunications Index shedding 27 points to 1522.
Murchison Metals was the best performer in the S&P/ASX top 200 climbing 6.37% to $4.84; Jubilee Mines and Emeco Holdings also finished higher.
Commander Communications was the worst performing stock today sliding 6.32% to 81 and-a-half cents; Goodman Fielder and Ramsay Health Care also lost their footing.
To commodities now, gold is currently trading at $667.40 US an ounce and light crude is 5 cents firmer at $72.02 US a barrel.
Source: Finance News Network © 2007
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