Sydney, Sept 24, 2007 (ABN Newswire) -
It's taken many weeks but the stock market today reclaimed ground to reach a new all-time high. BHP set the pace after announcing an upgrade to its gold reserves, while Orica gained following news of an acquisition in the U.S.
The S&P/ASX 200 Index closed up 94 points to 6452, and on the futures market the SPI 200 climbed 80 points.
Turning to company news now, Austrade has joined forces with the ANZ Group. Under the new partnership, both organisations will make their expertise and global markets available to each other's clients. ANZ's head of trade, Albert Burgio, says the partnership with Austrade is an important step towards making exporting and trade even more accessible for their clients. The organisations will be swapping a range of services including professional advice and support, market research and promotional activities. Shares in ANZ closed 1.09% higher at $28.71.
The full report is available at the following video and audio links.
Video Link
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http://abnnewswire.net/lnk/0EFAY39AAnd MFS Living and Leisure Group is selling its 10 per cent stake in Tourism Holdings. It comes after MFS unsuccessfully bid over $225 million for the world's second largest motor home operator. The MFS offer fell short of a 90 per cent shareholder acceptance condition required for a full takeover. MFS has ambitions to become one of Australasia's largest tourism operators. Shares in MFS Living and Leisure closed down 3.45% to 84 cents.
In other news today, shares in Sundance Resources jumped after Gindalbie Metals launched a $1.6 billion all-share offer for the iron-ore prospector.
Jubilee Mines says it's increased the resource estimate for its Sinclair nickel project in Western Australia...BUT..said the grade has decreased slightly.
Cochlear fell after Goldman Sachs JB Were downgraded its rating on the company from a buy to a hold - citing lofty valuations.
And Woolworths has announced the retirement of non-executive director Professor Clarke. Professor Clarke served on the Woolworths board for 13 years.
Now to today's best and worst performers, the best performing index was the Materials index gaining 544 points to 15,104, while the worst performing index was the Healthcare index shedding 88 points to 9127.
Acquarius Platinum was the best performer in the S&P/ASX top 200 lifting 9.85% to $42.26; Lynas Corp and Tower Australia also surged ahead.
Gunns was the worst performing stock today shedding 3.73% to $2.84; Emeco Holdings and Cochlear also retreated.
To commodities now, gold is currently trading at $735.20 US an ounce and light crude is 42 cents weaker at $81.20 US a barrel.
Source: Finance News Network © 2007
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