Sydney, Aug 29, 2007 (ABN Newswire) -
The share market finished weaker again today. Macquarie Bank led the market down while other firms with significant exposure to the U.S. also fell on concerns about the state of the U.S. economy.
The S&P/ASX 200 Index closed down 76 points to 6100, and on the futures market the SPI 200 lost 67 points.
In economic news, there?s been a marginal increase in new home sales. According to the Housing Industry Association, new home sales rose 1.5 per cent in July. HIA chief economist Harley Dale says a recovery in the home building industry appears to still be some way off.
The full report is available at the following video and audio links.
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http://abnnewswire.net/fnnlnk/13X0ID48Audio Link
http://abnnewswire.net/lnk/O709X30KTurning to company news now, Origin Energy has posted a strong profit result. The energy retailing, and oil and gas explorer announced a 38 per cent increase in annual earnings to $456.87 million. Managing director Grant King says there have been significant increases in gas reserves with their extensive coal seem gas interests up 80 per cent. The company has forecast underlying earnings to grow by about 15 per cent this year. Shares in Origin Energy closed 4.09% lower at $9.37.
And Macarthur Coal has recorded a significant fall in its full year profit. The coal miner?s earnings fell just over 55 per cent to $66.54 million. Chief executive Nicole Hollows says the result was solid given the obstacles the company had faced during the year. Included in those obstacles were the adverse weather conditions which affected activity at its mines in Queensland. Shares in Macarthur Coal closed 3.85% higher at $7.28.
In other news today, shares in Beach Petroleum climbed after the oil and gas producer announced its earnings had more than doubled to a record $103.3 million.
Drug firm Pharmaxis says its experimental medicine for the lung disease bronchiectasis met the two primary goals of a late-stage study.
Shares Iron Ore miner Cazaly Resources dived today after an Australian court dismissed its claim to an iron ore exploration project owned by Rio Tinto AND ordered the firm to pay the legal costs.
And Macquarie Bank has agreed to buy 30 per cent of South Korea?s No. 2 cable TV operator from Goldman Sachs for around $665 million.
Now to today?s best and worst performers, well all the major indices were down today the index falling the least amount was the Telecommunications index losing less than 1 point to 1521, while the worst performing index was the Energy Index shedding 266 points to 13622.
Dyno Nobel was the best performer in the S&P/ASX top 200 climbing 16.59% to $2.39; Amcor and Macarthur Coal also managed to post gains.
Cab Charge was the worst performing stock today sliding 10.83% to $9.63; Commander Communications and Coates Hire also lost investor support.
To commodities now, gold is currently trading at $664 US an ounce and light crude is 18 cents weaker at $71.55 US a barrel.
Source: Finance News Network © 2007
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