Sydney, Sept 17, 2007 (ABN Newswire) - The share market started the week in negative territory. Shares in oil Search jumped on takeover speculation, and Newcrest Mining also shot up after it closed out its gold hedge fund but that wasn't enough as fresh worries about credit markets saw financial stocks come under pressure.

The S&P/ASX 200 Index closed down 35 points to 6271, and on the futures market the SPI 200 lost 19 points.

Turning to company news now, Western Australia's environmental watchdog has reversed its decision and allowed Rio Tinto to go ahead with its project in the Pibara region. Back in March the EPA rejected Rio's plans to develop a $12 billion iron ore mine in the Pilbara region to protect a specimen unique to the mine site. But after the Western Australian Environment Minister asked the watchdog to reassess its decision citing definite plans to protect the unique species, the EPA decided the miner's project would be environmentally acceptable. The animals have no eyes, but they have long front legs and move quickly when disturbed they're relics from a time when Australia was covered in rainforest. Shares in Rio Tinto closed 1.25% lower at $98.15.

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

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And the Seven Network has been ordered to pay legal costs for the failed C7 court case. Federal Court Judge Ronald Sackville ordered the broadcaster to pay $23.5 million to a number of News Ltd companies. Seven had launched a campaign to prove News, PBL, and Telstra conspired seven years ago to kill off its C7 pay-television sports venture. Seven's legal costs are said to be worth around $100 million. The Network has left open the option of appealing the judgement on its case. Shares in the Seven Network closed down 0.24% to $12.33.

In other news today, shares in Centennial Coal rose after it announced it had agreed to sell its Anvill Hill project to Xstrata Coal.

Anzon Australia says it's received a number of takeover approaches and will now open its books to a short list of potential bidders.

Credit Suisse made Tap Oil shareholders happy by upgrading the stock from underperform to neutral.

And the market is watching the National Australia Bank closely as speculation mounts it may be eyeing troubled British bank Northern Rock.

Now to today's best and worst performers, the best performing index was the Energy index gaining 122 points to 14628, while the worst performing index was the Financials Excluding Property index shedding 73 points to 7180.

Oil Search was the best performer in the S&P/ASX top 200 climbing 11.69% to $4.30; Newcrest Mining and Sally Malay Mining were also in favour today.

Adelaide Bank was the worst performing stock today sliding 6.11% to $14.74; Australian Infrastructure Fund and Bendigo Bank also retreated.

To commodities now, gold is currently trading at $711.70 US an ounce and light crude is 40 cents weaker at $78.70 US a barrel.

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

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