Sydney, Sept 14, 2007 (ABN Newswire) -
The puzzle pieces appear to be in place for another rise in Aussie shares through the day. Markets were up in New York, record-high oil prices are expected to boost energy firms and miners should get support from firmer base metal prices.
Yesterday the S&P/ASX200 was up 10 points to 6,231. On the future's market the SPI200 is up 66.
Turning to currencies, at 8:35 AM the Australian dollar is buying 83.75 US cents, on the crosses the dollar is buying 96.26 yen, 60.37 Euro cents, and 41.43 British pence.
The full report is available at the following video and audio links.
Video Link
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http://abnnewswire.net/lnk/FNNL8G22In this mornings news headlines, a gas supply deal has been struck between Dyno Nobel and Arrow Energy. Shares in Dyno were up 1.57% to $2.59, while shares in Arrow were down 1.26% to $2.35 on Thursday. Arrow has agreed to sell a subsidary of Dyno Nobel coal seam gas for the next 15 years. The gas will be used as feedstock in Dyno's ammonium nitrate plant currently under construction in Moranbah, Queensland. The first gas supply is expected in mid-2009, according to the Sydney Morning Herald. Arrow's CEO said the company's wants to target higher margin gas markets outside power generation. Dyno Nobel earnings dropped off significantly in 2006, while Arrow Energy has been operating at a loss since 2002.
Shares in PCH Group were up 1.74% to $1.17 on the ASX. London-listed oil services company Cape has offered to buy the scaffolding and hoist firm for $233 million. Cape's cash offer of $1.30 per share will be funded through its existing bank facilities. The announcement comes just two days after Cape agreed to buy another Aussie scaffolding equipment company, Concept Hire, for close to $129 million. PCH Group earnings have been on an upswing since 2003.
And briefly, Consolidated Mineral's board has thrown its support behind an updated bid from Palmary Enterprises.
The S&P/ASX top 200 companies trading ex-dividend today are Cabcharge Australia with a 15 cent fully franked dividend to be paid on the 19th of October and Oxiana with a 4 cent 100 per cent franked dividend to be paid on the 4th of October.
To international markets, US markets rallied on some positive news from blue-chips; The Dow Jones Industrials gained 133, the S&P500 was up 12 and the Nasdaq advanced 9 points.
European shares extended their winning streak to three days, lifted by gains in commodities; London's FTSE climbed 58 points; Paris was also up 58, and Frankfurt added 63.
Asian stocks were all stronger; Hong Kong's Hang Sang jumped 227 points; Tokyo's Nikkei added 24, and China's SSE Composite improved 101.
Back to the US, a slight bounce in the dollar triggered profit taking in gold, which lost $2.80 to $717.90 US an ounce for the spot contract on Comex, Silver lost 11 cents to $12.68, copper was 4 cents stronger at $3.40.
And finally, oil added 18 cents ending on record-high of $80.09 for October light crude in New York. Oil prices have advanced about 30 percent in 2007.
Source: Finance News Network © 2007
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