Sydney, Sept 10, 2007 (ABN Newswire) - The Australian share market fell heavily this morning, with U.S. exposed firms leading the charge south. It comes on the back of weak U.S. jobs data out of the U.S, triggering fears the U.S. economy is headed for a recession.

At Midday the S&P/ASX200 index has fallen 115 points to 6,163 and on the futures market the SPI 200's down 117.

In company news this hour, Fairfax Media has bought online funds business InvestSMART. The $12 million deal will provide Fairfax with over $1 billion in funds under management. Fairfax digital chief executive Jack Matthews says the acquisition comes as non-advisory wealth management and online transitional sectors experience strong local demand. The merged business will begin operating next month. Fairfax Media shares are 1.56% lower at $4.42.

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

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The Nine Network says it will lure the internet generation by airing a one hour program featuring the world's most popular online video clips. The show is set to be similar to Nine's homegrown 20 to 1 series which features well known identities discussing famous footage. Some critics have slammed the format, describing it as lazy and cheap, but media buyer Harold Mitchell said the formal invariably rated well. And in other news from the Nine Network, Ray Martin is expected to be announced as the replacement to Ross Greenwood as the co-host of Sunday. PBL shares are down 1.19% at $18.27.

Now to Warrants with Macquarie Bank. Warrant traders looking to buy the dip have again been encouraged by today's weakness in BHP, with large volumes opened in BHPWMF Sep $36.50 Call.

Index puts have been a feature of today's activity, with traders anticipating further downside opening short positions through XJOUMQ Oct 6300 Put and XJOWMX Oct 5600 Put.

Turning now to market indices, all indices are down this morning but the index posting the least amount of losses is the Telecommunications index, down 4 points at 1509. Hutchison Telcom shares are 3.45% higher to 15 cents. PIPE Networks and Unwired Group shares are also higher.

The Materials Index is the worst performing index by percentage points and has lost 391 points to 13,573. Murchison Metals are one of the biggest decliners and are down 5.68% to $4.32. BHP Billiton and Rio Tinto have also lost ground.

In Tokyo, the Nikkei is 418 points in the red and in New Zealand the NZSX50 is down 27.

Gold is currently trading at $700.60 U.S an ounce and one Australian dollar's buying 81.81 U.S cents.


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