Sydney, Sept 20, 2007 (ABN Newswire) -
The share market managed another positive session today. While many financial stocks were down on lingering credit worries, the miners helped prop-up the market on the back of a jump in metal prices.
The S&P/ASX 200 Index closed up 38 points to 6394, and on the futures market the SPI 200 gained 10 points.
In economic news, New Home Sales figures released today show an 8.6 per cent fall in the sale of new homes and units to 7,712 in August. Housing Industry Association chief economist Harley Dale says new home sales are trending down again and a failure to arrest this decline could see sales levels hit fresh lows by the end of 2007.
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http://abnnewswire.net/lnk/L2937T05Turning to company news now, iron ore miner Murchison Metals has teamed up with one of Japan's largest companies, Mitsubishi Corporation. Mitsubishi says it's agreed to buy half of Murchison's iron ore assets for an initial payment of $150 million. The aim of the venture is to establish a new, independent infrastructure joint venture company. Murchison Metals chairman Paul Kopey-tka says the sale will bring the firm closer to its goal of becoming a world class iron ore and infrastructure company. Shares in Murchison Metals closed 4.09% lower at $4.69.
And Macquarie Bank and PBL's takeover offer for the Canadian Gateway Casino has been extended again. The $1.3 billion offer will now close on October 24. The hold-up stems from the fact the deal still requires approval from the British Columbia and Alberta Gaming regulators. If the offer goes ahead, New World Gaming as it's to be known will gain a network of nine casinos across Vancouver, Edmonton and Alberta. Shares in Macquarie Bank closed up 0.39% to $77.40. Meanwhile shares in Publishing and Broadcasting closed up 1.68% to $18.75.
In other news today, Campbell Brothers has snapped-up Australian coal services company ACIRL. The $76.8 million deal was made by Campbell's laboratory services division, ALS.
Rex Minerals has made a strong ASX debut. Shares in the gold and copper explorer rose 32 per cent in the first half hour of trade, pushing above its issue price of 25 cents. The stock closed the session at 30 cents.
Pan Australian Resources rose after Credit Suisse raised its one-year price target for the firm from 74 cents to 84 cents.
Caltex chairman Richard Warburton has announced his retirement. He will be replaced by Elizabeth Bryan on the 1st of October this year.
And Genetic Technologies has appointed Michael Ohanessian as its new chief executive. He replaces outgoing CEO and GTG founder Mervyn Jacobson.
Now to today's best and worst performers, the best performing index was the Energy index gaining 268 points to 15,302, while the worst performing index was the Healthcare index shedding 23 points to 9303.
Compass Resources was the best performer in the S&P/ASX top 200 soaring 11.27% to $3.85; Commander Communications and Leighton Holdings also made solid gains.
Murchison Metals was the worst performing stock today shedding 4.09% to $4.69; Boom Logistics and Tower Australia also fell.
To commodities now, gold is currently trading at $723.80 US an ounce and light crude is 3 cents weaker at $81.90 US a barrel.
Source: Finance News Network © 2007
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