Sydney, Sept 12, 2007 (ABN Newswire) -
The share market wasn't able to hold on to earlier gains today ending the session in the red. Sentiment was high early on expectations a U.S. interest rate cut may be on the cards next week, while the big miners made some small gains on higher oil and base metal prices.
The S&P/ASX 200 Index closed down 15 points to 6220, and on the futures market the SPI 200 lost 20 points.
Turning to company news now, Telstra has flicked the switch ? but not for everyone. Today the telco announced it has switched on its new turbo-charged cable broadband that will give consumers instant downloads in areas like sports and movies. Bigpond group managing director Justin Milne says the new speeds are almost four times faster than standard cable broadband and 500 times faster than dial-up. Telstra has topped at Sydney and Melbourne, however, saying they have no definite plans to take it Australia-wide. Shares in Telstra closed steady at $4.35.
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http://abnnewswire.net/lnk/UA2K154HAnd Wesfarmers has taken the Coles deal buy the horns and sent divisional chief Keith Gordon to Melbourne to thrash out the details of the proposed Coles takeover. Mr Gordon will lead the Wesfarmers team, while Coles chief executive, John Fletcher will also be attendance with colleagues Mick McMahon and Gary Kent. Mr Gordon has been charged with the responsibility for planning and implementing the integration of the Wesfarmers and Coles business groups. Coles shareholders are yet to endorse the revised bid but both Mr Goyder and Mr Fletcher say the establishment of the committee was an important step to completing the deal. Shares in Wesfarmers closed 0.39% lower at $38.75. Meanwhile shares in the Coles Group closed 0.07% higher at $14.56.
In other news today, shares in Centro Property Group fell after Merrll Lynch downgraded its rating on the property trust from a buy to neutral given its exposure to a weakening U.S. economy.
Scaffolding firm Concept Hire announced U.K.-based oil services firm Cape has agreed to buy the firm in a deal that values Concept at around $129 million.
Sally Malay Mining is pleased Merrill Lynch has started coverage on the firm the investment group kicking it off with a buy recommendation citing attractive valuations and earnings growth.
And shares in Living Cells Technologies shot up almost 30 per cent after an announcement that the company has met all regulatory requirements to begin clinical trials of its new diabetes drug.
Now to today's best and worst performers, the best performing index was the Energy index gaining 28 points to 14196, while the worst performing index was the Healthcare index shedding 117 points to 9014.
Sally Malay Mining was the best performer in the S&P/ASX top 200 climbing 5.65% to $3.93; Sims Group and Macarthur Coal also surged ahead.
Energy Developments was the worst performing stock today sliding 4.48% to $3.20; Independence Group and Minara Resources also retreated.
To commodities now, gold is currently trading at $713.50 US an ounce and light crude is 3 cents firmer at $78.26 US a barrel.
Source: Finance News Network © 2007
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