Sydney, Sept 10, 2007 (ABN Newswire) -
The share market fell backwards today with U.S. exposed firms weighing on the market.
The sell-off came following weak jobs data out of the U.S .signalling the country may be headed for a recession.
The S&P/ASX 200 Index closed down 87 points to 6191, and on the futures market the SPI 200 lost 64 points.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/S4ZUHA04Audio Link
http://abnnewswire.net/lnk/L543M047Turning to company news now, Westpac chief David Morgan has delivered an upbeat assessment of Westpac. He says the bank is well positioned to take advantage of recent market volatility following from the U.S. sub prime mortgage crisis. Mr Morgan says the fallout from the U.S. subprime crisis was expected to generate more business for the low-risk, major banks. He also said the trends in the bank's first half results had continued in its second half and investors should expect a strong 2007 result. Shares in Westpac closed 0.38% lower at $26.55.
And Mirvac Group has launched its first property venture in the United Kingdom. The fund will invest in residential property redevelopment opportunities in London and the south east of the United Kingdom with a focus on regeneration zones. Fund manager director Paul Anthony says they see continuing demand and underlying strength in the London residential and mixed development sectors. He said they're satisfied there's a pipeline of opportunities for well managed, high yielding returns in this market for the foreseeable future. Shares in Mirvac closed 1.85% lower at $5.30.
In other news today, Emperor Mines says it's initiated plans to sell its gold mine and a portfolio of associated exploration tenements in Papua New Guinea.
Diversified manufacturer Nylex says it doesn't have anything to disclose that might explain a surge in the company's share price last week.
Mundo Minerals rose today after it announced drilling at its gold project in central Brazil has yielded spectacular results.
And Wind Hydrogen made a lacklustre trading debut today. Shares in the renewable energy company opened at 15 cents a 25 per cent discount to its issue price of 20 cents. The stock closed the session at 15 and-a-half cents.
And employment website SEEK has just won three year deal to display job advertisements with online media company ninemsn.
Now to today's best and worst performers, the best performing index was the Telecommunications index gaining 4 points to 1517, while the worst performing index was the Materials index shedding 347 points to 13,617.
Independence Group was the best performer in the S&P/ASX top 200 climbing 4.39% to $5.94; Healthscope and Amcor also made gains.
Commander Communications was the worst performing stock today sliding 10% to 54 cents; Aquarius Platinum and Allco Finance also shed value.
To commodities now, gold is currently trading at $701.50 US an ounce and light crude is 28 cents weaker at $76.42 US a barrel.
Source: Finance News Network © 2007
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