Sydney, Sept 25, 2007 (ABN Newswire) -
The share market continued to climb higher today setting a new record. Mining stocks led the market higher on the back of firmer base metal prices.
And the S&P/ASX 200 Index closed up 32 points to 6483, and on the futures market the SPI 200 climbed 57 points.
In company news, Westfield says it now has its sights set on Europe. Researchers at investment bank Merrill Lynch say the world's largest shopping mall owner has looked at purchasing retail property owner and manager Rodamco Europe. Westfield Group managing director Peter Lowy said although real estate investment trusts are looking cheap, it appears Europe will be the focus of expansion. The company also flagged that it was looking at Japan and South Korea as long term opportunities. Shares in the Westfield Group closed 1.27% higher at $21.56.
The full report is available at the following video and audio links.
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http://abnnewswire.net/lnk/35O2SX70Campbell Brothers says it's entered into a joint venture with Russia's largest mining company. Campbell Brothers will provide geochemical and assay services to the Russian miner. Campbell's managing director Greg Kilmister says minerals exploration activity in Russia has seen high growth rate over the last few years and the joint venture will growth the company's laboratory division. He's says they're confident that the newly built, high capacity laboratory will be the first of many laboratories that they will develop in Russia. Shares in Campbell Brothers closed 2.35% higher at $28.35.
In other news today, shares in Orica rose after it announced it will buy Excel Mining Systems from U.S. private equity firm Snow Phipps Group.670 million U.S. dollars.
Woodside Petroleum fell after Goldman Sachs JB Were downgraded its rating on the company from a buy to a hold...indicating the stock was overvalued.
A major Chinese Steel mill has signed a $40 million agreement to help Centrex Metals complete a feasibility study for its South Australian iron ore project.
And the National Australia Bank says it predicts the U.S. federal reserve will continue to cut interest rates aggressively over the next few months in an attempt to prevent the world's largest economy from slipping into a recession.
Now to today's best and worst performers, the best performing index was the Materials index gaining 251 points to 15,355, while the worst performing index was the Telecommunications index shedding 11 points to 1548.
Lynas Corp was the best performer in the S&P/ASX top 200 lifting 10.68% to $1.295; Murchison Metals and Mount Gibson Iron also climbed higher.
Paperlinx was the worst performing stock today shedding 6.78% to $3.16; Illuka Resources and Independence Group also lost ground.
To commodities now, gold is currently trading at $728.20 US an ounce and light crude is 46 cents firmer at $80.49 US a barrel.
Source: Finance News Network © 2007
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