Sydney, Sept 5, 2007 (ABN Newswire) - Australian shares gained in Wednesday morning trade to post gain for a fifth straight session as a jump in oil prices lifted energy firms, while Coates Hire jumped on an improved takeover bid. Analysts comments said that robust company earnings growth, as well as strong domestic economic growth, showed that the Australian market was still in good shape.

At Midday the S&P/ASX200 index has gained 37 points to 6,330 and on the futures market the SPI 200's up 68.

In company news this hour, shares in Coles Group and take over company Wesfarmers went into a trading halt this morning ahead of an update on Wesfarmer's $18.2 billion bid for Coles. Coles was expected to release an independent expert's valuation of the Wesfarmers offer this week. The Australian Financial Review newspaper is reporting today that the Coles' board was expected to recommend the deal following last-minute negotiations. The Fin Review article also said the independent expert's report by Grant Samuel has found the deal is in the best interests of shareholders. Coles shares last traded at $14.24 while Wesfarmers are at $38.58.

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

Video Link

http://abnnewswire.net/fnnlnk/ENBZVCA7


Audio Link

http://abnnewswire.net/lnk/24J099A4


ASX Ltd, which is Asia-Pacific's second-biggest listed bourse, this morning reported record volumes for August. ASX attributed the jump in turnover to the volatility on global equity markets during the month. August cash market turnover rose 25 per cent from a year ago to $163.5 billion, while volume of trade increased 122 per cent. Shares in ASX are 2.42% higher at $48.65.

Turning now to market indices, almost all of the indexes are ahead this morning and the index posting the biggest gain by percentage points is the Materials index, up 148 points at 13,774. Shares in Murchison Metals has risen 5.33% to $4.74. Shares in Mount Gibson Iron and Rio Tinto are also higher.

The Telecommunications index is the worst performing index by percentage points and has lost 11 points to 1,546. Huchison Telecommunications shares are one of the biggest decliners and are down 3.23% to $0.15. Telstra IRS and Telecom of NZ have also lost ground.
In Tokyo, the Nikkei is 76 points ahead and in New Zealand the NZSX50 is up 18.

Gold is currently trading at $682.20 U.S an ounce and one Australian dollar's buying 82.78 U.S cents.


Source: Finance News Network © 2007 http://www.finnewsnetwork.com.au
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>>> AUSTRALIAN STOCK EXCHANGE LIMITED
>>> WESFARMERS LIMITED
>>> COLES GROUP LIMITED