Sydney, Sept 3, 2007 (ABN Newswire) - The share market started the week on a positive note closing at a six week high. The financial sector led the market higher following reassuring comments from U.S. President George Bush and Federal Reserve Chairman Ben Bernanke.

The S&P/ASX 200 Index closed up 20 points to 6267, and on the futures market the SPI 200 rose 37 points.

Turning to company news now, Treasurer Peter Costello has appointed Alinta Chairman John Akehurst to the board of the Reserve Bank for a five year term. Mr Costello says Mr Akehurst joins the board with over 30 years experience in the oil and gas industry including a stint as managing director of Woodside Petroleum. Mr Akehurst is one on nine board members, including the governor, the deputy governor, and the secretary to the department of the treasury. Mr Akehurst replaces Hugh Morgan. Shares in Alinta closed steady at $14.42.

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And Gunns has now closed its offer for timber products company Auspine. The forestry firm closed the offer having acquired a 60.8 per cent stake in the company. The company says it looks forward to working closely with the Auspine board and management over the ensuing months. Gunns says it will now arrange for an immediate broad-based review of Auspine's operations on a strategic and financial level. Shares in Gunns closed 1.23% higher at $3.29.

In other news today, shares in the ASX rose today investors betting on strong trading volumes for August. Goldman Sachs estimate a 69 per cent rise in average daily equities turnover in August compared with last year.

Telstra says it will save $140 million over two years by cutting back the number of repair and installation contractors it uses.

OnCard International has reported earnings of $1.39 million for the year ended June 2007. Having recovered from a loss last financial year he company says it's now bullish about its future.

Brookfield BidCo the company set to takeover Mutiplex says it might have overstated how many shares it currently holds in the construction giant due to an administrative error. Once thought to have owned just under 62 per cent of the company it now looks as if that number may be halved to reflect the real ownership size.

And Telecom NZ says it's started reducing the cost of calling from its landlines to all mobile phones by an average three cents per minute.

Now to today's best and worst performers, the best performing index was the Heath Care index gaining 97 points to 9008, while the worst performing index was the Energy Index shedding 104 points to 14167.

Mincor Resources was the best performer in the S&P/ASX top 200 climbing 12.42% to $3.71; Leighton Holdings and Fortescue Metals also climbed higher.

Commander Communications was the worst performing stock today sliding 9.49% to 62 cents; Hills Industries and Valad property also lost ground.

To commodities now, gold is currently trading at $673.25 US an ounce and light crude is 7 cents firmer at $74.11 US a barrel.


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