Sydney, Sept 18, 2007 (ABN Newswire) - Australian shares fell 0.9 per cent, led down by National Australia Bank and other financial firms on growing credit worries.

At Midday the S&P/ASX200 index down 78 to 6,193 and on the futures market the SPI 200's down 69. In economic news, according to the Australia Bureau of Statistics, Australia's international merchandise imports totaled $16.92 billion in August, a rise of 11 percent from a revised $15.247 billion in July.

The ABS says preliminary analysis showed that goods imports on a balance of payments basis rose by a hefty 7 percent in seasonally adjusted terms between July and August.

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In company news this hour, Pacific gold explorer Emperor Mines plans to merge with minerals developer Intrepid Mines. Intrepid is offering one of its shares for every four and a quarter Emperor shares under the arrangement. In a joint statement the companies said they expect the merger to deliver an expanded production profile and increased gold inventory potential, leveraging exposure to the gold price. The boards of directors of Emperor and Intrepid are supportive of the proposed merger. The new company will be named Intrepid Mines and be listed on the Toronto and Australia stock exchanges. Shares in Emperor Mines are down 4.35 per cent to $0.066.

Qantas has attempted to quash speculation it could buy Linfox, for about one billion dollars. The airline's chief executive, Geoff Dixon, issued a statement late yesterday saying the company was not in discussions to buy Australia's second largest freight company, founded by Lindsay Fox. Mr Dixon say while discussion took place more than a year ago on a broad range of issues, no further talks have been held since then and none are planned. Shares in Qantas are down 0.18 per cent to $5.65.

Turning now to market indices. All indices are down. The index posting the least amount of losses by percentage points is the Health Care index, which is down 37 points to 9,144. Shares in Australian Pharmaceutical industries are up 0.76 per cent to $1.99. Shares in CSL and Primary Health Care are also higher.

The worse performing index by percentage points in the Financial ex property trust price index is down 122 points 7,058. National Australia Bank shares are down 2.55 per cent to $37.44. Shares in ANZ and Macquarie Bank are also lower.

In Tokyo, the Nikkei is down 269 and in New Zealand the NZSX-50 is down 9.

Gold is currently trading at $716.5 US ounce and one Australian dollar's buying 83.08 U.S cents.


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

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