Sydney, Sept 11, 2007 (ABN Newswire) -
The share market rallied today as investors sought bargains especially among the financials. A slump in metal prices overnight helped tame the market with some mining stocks losing ground.
The S&P/ASX 200 Index closed up 44 points to 6236, and on the futures market the SPI 200 gained 23 points.
In economic news, a survey has revealed business conditions are remarkably strong. The National Australia Bank's monthly business survey showed the business conditions index remained at a record high of 19 index points in August. Businesses are reporting record profits, growing new orders, high confidence and robust employment.
The full report is available at the following video and audio links.
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http://abnnewswire.net/lnk/84X9O9KXTurning to company news now, updating our coverage on Symbion Health today following a meeting .Symbion shareholders have said no to a deal with Healthscope. The $2.9 billion deal was only just defeated with 73.9 per cent of the votes going in favour of the proposed takeover 75 per cent was required. Symbions major shareholder, Primary Healthcare, was in fact successful in its attempt to use its majority stake holding to block the deal. Symbion's chief, Paul McClintok, has confirmed however that the company will now look at other ways to implement the merger. Shares in Symbion Health closed 0.95% lower at $4.19.
And REA Group, the owner of realestate.com.au, says it's buying two Hong Kong publishing companies for around $4.8 million. The company says the purchases represent its first move into the Asian market following several European website acquisitions. REA Group will purchase Square Foot, and its sister company Primedia. REA Group's chief executive Simon Baker says the Square Foot acquisition proved REA with control of a profitable real estate advertising business. Shares in realestate.com.au closed 0.91% higher at $5.53.
In other news today, shares in infrastructure firm Asciano rose after UBS upgraded its rating on the firm from neutral to a buy. Asciano's share price has fallen around 20 per cent in the last three months.
The ANZ says it may have to raise mortgage rates if the higher cost of short-term funding persists.
Amex Resources has made a quite debut on the stock market. Shares in the gold, nickel, and iron explorer opened at 15 cents that's a 25 per cent discount to its issue price of 20 cents. The stock closed the session at 16 cents.
And another market debutant SYRAH Resources also dipped below its issue price on the open. The copper explorer opened 2 cents below its issue price of 20 cents. The stock closed the day at 18 cents.
And Consultants East and Partners have released the results of a survey showing big business has picked the Commonwealth Bank and the St George Bank as Australia's best institutional bankers.
Now to today's best and worst performers, the best performing index was the Telecommunications index gaining 28 points to 1505, while the worst performing index was the Property index shedding 2 points to 2422.
Centennial Coal was the best performer in the S&P/ASX top 200 climbing 5.13% to $3.69; Mt Gibson Iron and Compass Resources also made gains.
Commander Communications was the worst performing stock today slumping a further 13.89% to 46 and-a-half cents; Minara Resources and Paperlinx also retreated.
To commodities now, gold is currently trading at $703.70 US an ounce and light crude is 25 cents firmer at $77.74 US a barrel.
Source: Finance News Network © 2007
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