Sydney, Sept 11, 2007 (ABN Newswire) - The Australian share market rallied this morning as investors sought bargains in recent decliners like the Commonwealth Bank. The market was tempered though with weaker metals prices hurting mining stocks.

At Midday the S&P/ASX200 index has gained 16 points to 6,207 and on the futures market the SPI 200's down 8 points.

In company news this hour, Symbion Health shareholders will today decide today on a $2.9 billion offer from Healthscope. Under the proposed deal Healthscope will take Symbion's medical testing and health centre business, while its private equity partners will take Symbion's healthcare products business and pharmaceutical assets. Symbion's major shareholder Primary Health Care has submitted a proxy vote against the deal but its 20 per cent stake will likely be insufficient to effectively block the deal. The deal has the full support of the Symbion board. Shares in both Symbion and Healthscope were placed on a trading halt ahead of today's vote. Symbion Health last traded at $4.23. Healthscope last traded at $5.85.

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

Video Link

http://abnnewswire.net/fnnlnk/785EZ1C2


Audio Link

http://abnnewswire.net/lnk/8S821YB0


A takeover of Adelaide Bank by Bendigo Bank has been given the green light by the competition watchdog. The ACCC said in a statement that it does not plan to oppose the $2 billion takeover. It comes less than a week after both companies successfully completed due diligence enquires. Adelaide Bank chief Jamie McPhee says it's another positive step in the right direction for the businesses. Shareholders are expected to receive a scheme document in October with a final court hearing scheduled for November. Adelaide Bank shares are up 0.06% at $15.74. Meanwhile shares in Bendigo Bank are down 0.14% at $14.73.

Now to Warrants with Macquarie Bank. AWB shares have tip-toed one cent higher in morning trade as buyers emerge to stem the heavy selling that has seen the stock plummet in recent sessions. Warrant traders believing the recent weakness has been overdone bought leveraged exposure through AWBIMF Nov $2.00 Instalment.

Telstra has also gained on today's cautiously positive sentiment, with the instalment receipts (TLSCA) edging four cents higher to $2.82. Warrant traders anticipating the upward momentum to continue opened positions to the long side through TL3IMQ Jan $2.00 Instalment.

Turning now to market indices. The best performing index this morning was the Telecommunications index, up 11 points to 1528. Telstra shares are 0.7% higher to $4.31. Telecom NZ and Reverse Corp are also higher.

The Materials Index is the worst performing index by percentage points and has lost 23 points to 13,593. Anvil Mining was one of the biggest decliners down 5.08% to $18.70. Jubilee Mines and Rio Tinto also lost ground.

In Tokyo, the Nikkei is 119 points in the red and in New Zealand the NZSX50 is up 8.

Gold is currently trading at $703.30 U.S an ounce and one Australian dollar's buying 82.48 U.S cents.


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