Sydney, Sept 5, 2007 (ABN Newswire) - Aussie shares could post a fifth straight session of gains today following a rally on Wall Street and a jump in oil prices could lift energy firms.

The S&P/ASX200 lifted 26 points to 6,293, which was its highest close since July 25th. On the future's market the SPI200 is up 86.

Turning to currencies, at 8:35 AM the Aussie dollar is buying 82.5 US cents, on the crosses the dollar is buying 95.92 yen, 60.59 Euro cents, and 40.97 British pence.

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

Video Link

http://abnnewswire.net/fnnlnk/3M6P4OLN


Audio Link

http://abnnewswire.net/lnk/C5EF6P88


Making news this morning is Publishing & Broadcasting Limited. Shares in the company were up 0.94% to $18.17 yesterday. James Packer's wish to sell-off PBL's media assets was granted by Treasurer Peter Costello yesterday after a two month foreign investment review. For $515 million dollars private equity firm CVC Asia Pacific will now control 75% of PBL Media. The approval comes with the conditions that the company's CEO and CFO will have to live in Australia, the company's headquarters must remain in the country and the majority of its directors must be Australian citizens according to the Sydney Morning Herald. It is still unclear how must tax, if any, PBL will have to pay for its latest sell-down. Publishing and Broadcasting announced profits fell by more than 5 per cent in 2007, after hitting $610 million the previous year.

AED Oil shares were up 3.54% to $7.90 on the ASX Tuesday. A European major has sold the first 300,000 barrels of Australia's new Puffin crude for end of October loading. Production at AED Oil's Puffin field is expected to start this month and will be ramped up by the end of the year. AED Oil plans to bring online a second production well next year. The independent's shares have soared over the past year as the Puffin field has moved forward. AED Oil has operated at a loss for the past two years.

The S&P/ASX top 200 companies trading ex-dividend today is Energy Developments with a 5 cent 20 per cent franked dividend to be paid on the 4th of October.

To international markets, US markets rallied on tech stocks, oil and some positive economic news. The Dow Jones Industrials was up 91, the S&P500 gained 15 and the Nasdaq composite was up 34.

A rally in Deutsche Bank shares and lifted European markets; London's FTSE gained 62 points; Paris was up 21, and Frankfurt improved 73.

However Asian stocks were all weaker; Hong Kong's Hang Sang slipped 18 points; Tokyo's Nikkei sank 104, and China's SSE Composite lost 27.

Back to the US, gold ended near a six-week high adding $9.60 to $691.50 US an ounce for the spot contract on Comex, Silver followed gold's lead gaining 22 cents to $12.45, but copper ended 9 cents weaker and is trading at $3.31.

And finally, oil was up rose on expectations the hurricane season will intensify and that OPEC won't boost production when it meets next week. Oil was up $1.04 to $75.08 for October light crude in New York.

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