Sydney, Sept 4, 2007 (ABN Newswire) - Australian shares have continued on their positive run for the fourth day in a row as investors bought globally geared companies such as Westfield Group.

At Midday the S&P/ASX200 index is up 30 points to 6,297 and on the futures market the SPI 200's up four points.

In economic news, Australia's economy grew faster than expected last quarter, reviving speculation that interest rates will have to rise to curb inflation. GDP expanded at a rate of 0.9 per cent in the June quarter, compared with 1.6 per cent in the previous three months.

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

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In company news this hour, Territory Resources says it could still form a joint venture with Ukrainian-based Palmary Enterprises, which has received board approval for a $902m takeover of Consolidated Minerals. Palmary already holds a 14.38 per cent stake in Consolidated. Territory chairman Michael Kiernan says that, at a meeting in Vienna earlier this month, representatives of Privat expressed their support for Territory's offer for the company. Territory shares are steady at 94 cents.

Broadband phone company Engin has taken a 10.38 per cent stake in wireless broadband provider, Unwired Group. Engin says it acquired the stake for investment purposes, with the holding allowing it to take part in the growth of wireless broadband in Australia. Unwired owns most of the spectrum in metropolitan areas for the licensed bands across which WiMAX will operate in Australia. Engin executive chairman Neil Gamble says the company, which the Seven Network has a 34 per cent stake, saw a strong rationale for Engin and Unwired to work cooperatively. Shares in Engin are up 14.29% to 16 cents.

Turning now to market indices, The index posting the biggest gain by percentage points is the Property up 38 points at 2,464. Shares in Centro property are up 2.74% to $8.25. Shares in GPT Group and Westfield are also higher.

The Energy index is the worst performing index by percentage points and is down 13 points to 14,154. Nexus energy shares are one of the biggest decliners and are down 18.18% to $1.44. Oil Search and Energy Resources also lost ground.

In Tokyo, the Nikkei is down 33 points and in New Zealand the NZ-SX-50 is up 18.

Gold is currently trading at US$672.80 cents an ounce and one Australian dollar is buying 82.52 U.S cents.


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