Sydney, Aug 30, 2007 (ABN Newswire) -
The share market rallied today following a rebound on Wall Street overnight. Firmer metal prices also helped lift our big miners.
The S&P/ASX 200 Index closed up 35 points to 6135, and on the futures market the SPI 200 lost 67 points.
In economic news, the current account deficit has widened a little more than forecast to a record $15.99 billion. Meanwhile capital expenditure has climbed 6.3 per cent to an inflation-adjusted $20.97 billion in the second quarter.
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http://abnnewswire.net/lnk/Y4W5DD24Turning to company news now, Rio Tinto has raised $48.87 billion to buy Canadian Aluminium producer Alcan. The miner aid in a statement it had successfully completed the sub-underwriting phase of the syndication of its loan and revolving credit facilities. It's the largest loan facility ever raised by a UK corporate and the fourth largest worldwide. The facilities were underwritten by The Royal Bank of Scotland, Deutsche Bank, Credit Suisse and Societe Generale. Shares in Rio Tinto closed 1.09% higher at $91.10.
And Village Roadshow has reported a significant turnaround in its annual profit. Village reported earnings of $45.079 million up from last year's $40.7 million loss. Chairman John Kirby says exceptional trading from its theme parks, cinema exhibition, and radio drove the company's turnaround into the black. The Group's chief executive Graham Bourke says he expects a strong balance sheet to provide for future growth. Shares in Village Roadshow closed 2.11% higher at $2.90.
In other news today, shares in FKP Property Group climbed after the property developer said its full year profit jumped 38 per cent to a record $194.8 million.
Sally Malay Mining says ITS full year net profit increased more than five fold to a record $88.1 million boosted by a rise in production and stronger nickel prices.
Shares Iron Ore miner Murchison Metals climbed after it reported a 46 per cent increase in mineral resources at its iron ore project in Western Australia.
Queensland-based aquarium and ski resort owner MFS Living and Leisure Group has recorded a nearly one thousand per cent increase in profit to $14.23 million. MFS owns both the Hotham and Falls Creek ski resorts.
And Fat Prophets has booked a 139 per cent increase in net profit to $5.4 million. Despite the good result, chairman Robert Bolton says they remain cautious of the year ahead.
Now to today's best and worst performers, the best performing index was the Consumer Staples index gaining 141 points to 8126, while the worst performing index was the Consumer Discretionary Index shedding 13 points to 2693.
Roc Oil Company was the best performer in the S&P/ASX top 200 climbing 16.19% to $3.23; Sally Malay Mining and Australian Worldwide Exploration also climbed higher.
Tattersal's was the worst performing stock today sliding 10.2% to $4.40; Emeco Holdings and Commander Communications also lost ground.
To commodities now, gold is currently trading at $666.10 US an ounce and light crude is 12 cents firmer at $73.63 US a barrel.
Source: Finance News Network © 2007
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