Sydney, Aug 31, 2007 (ABN Newswire) - The Aussie market has defied the negative U.S lead overnight and managed to post some gains as the reporting season continues.

Earlier today Standards & Poors had technical difficulties which have now been resolved and the S&P ASX200 is up 31 at 6166 and on the futures market the SPI200's up 25 at 6,174.

In company news this hour, Metals recycler Sims Group this morning posted a 29 per cent rise in full year profit on a global rebound in prices, but said it expected a softer performance in the first quarter. Sims, which operates in Australia, Europe and North America, said net profit in the 12 months to June 30 was a record $254.4 million up from $196.6 million the previous year. The result was above the company's forecast of $250-255 million and the market consensus forecast of $251.933 million. Sims Group shares are 2.46% lower at $27.31.

The full report is available at the following video and audio links.

Video Link

http://abnnewswire.net/fnnlnk/4938PV5R


Audio Link

http://abnnewswire.net/lnk/JCN47U65


Consolidated Minerals has received a cash take over offer from investment firm Palmary Enterprises for about $902 million, trumping two other bids the miner has received. Palmary, controlled by a Ukraine-based investor, offered $3.95 a share for Consolidated. The manganese miner, Consolidated Minerals, has already agreed to an improved $3.60 a share bid from investment firm Pallinghurst Resources and is also facing a hostile $3.50 a share bid from Territory Resources. Shares in Consolidated Minerals are 9.43% higher at $4.06.

In Tokyo, the Nikkei is 166 points ahead and in New Zealand the NZSX50 is down 27.

Gold is currently trading at $665.40 U.S an ounce and one Australian dollar's buying 81.80 U.S cents.


Source: Finance News Network © 2007 http://www.finnewsnetwork.com.au
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