Sydney, Sept 3, 2007 (ABN Newswire) -
Australian shares could open on firm ground this morning following Wall Street's lead. Miners and resource firms could also get a lift from a rise in metals and oil prices on Friday.
On Friday the S&P/ASX200 was up 112 points ending at 6,247, and on the futures market the SPI200 is up 14.
Turning to currencies, At 8:25 AM the Aussie dollar is buying 81.85 US cents, on the crosses the dollar is buying 94.89 yen, 60.05 Euro cents, and 40.58 British pence.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/0XHN55CTAudio Link
http://abnnewswire.net/lnk/UA55J538Making news this morning is Consolidated Minerals. Shares in the nickel and manganese miner rose 9.7% to $4.07 on Friday. Consolidated has delayed recommending a $902 million dollar takeover bid from a Ukrainian billionaire. Consolidated reportedly needs more information about the deal; that's according to the Australian Financial Review. However, Consolidated is under pressure to come to a decision because the offer from Pallinghurst Resources hit a deadline tomorrow. Consolidated Minerals posted a loss in 2006.
Babcock & Brown shares were up 5.16% to $23.66. Sky News is reporting that Australia's second-biggest investment bank may sell its Irish mobile-phone company for more than $1 billion. Babcock & Brown Capital acquired the business when it bought Ireland's biggest phone company over a year ago. Babcock & Brown posted record earnings in 2006.
The S&P/ASX top 200 companies trading ex-dividend today are Allco Finance Group with a 24 cent 70 per cent franked dividend to be paid on the 21st of September and Caltex Australia with a 47 cent fully franked dividend to be paid on the 28th of September.
To international markets, US markets ended up after government reassurances about the economy The Dow Jones Industrials gained 119, the S&P500 rose 16 points, and the Nasdaq was up 31.
European markets were stronger; London's FTSE gained 91 points; Paris was up 70, and Frankfurt improved 118.
Asian stocks were all stronger; Hong Kong's Hang Sang surged 500 points; Tokyo's Nikkei was up 415, and China's SSE Composite gained 51.
Back to the US, gold added $8 to $681.90 US an ounce for the spot contract on Comex, Silver gained 27 cents to $12.23, copper was up 5 cents and is trading at $3.40.
And finally, oil gained 68 cents to $74.04 for October light crude in New York.
Source: Finance News Network © 2007
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