Sydney, Sept 26, 2007 (ABN Newswire) -
The Aussie market could be searching for direction this morning following a lackluster performance on Wall Street.
On Tuesday the S&P/ASX200 was up 32 points to finish at 6,483; on the future's market the SPI200 is down 10.
Turning to currencies, at 8:45 AM the Aussie is buying 87.44 US cents, on the crosses the dollar is buying 100.35 yen, 61.83 Euro cents, and 43.32 British pence.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/PC5BD6F7Audio Link
http://abnnewswire.net/lnk/811M1WGLMaking news headlines this morning is Moly Mines. Shares last traded at $4.45 before being placed on a trading halt Monday ahead of the release of a feasibility study into its Spinifex Ridge mine in Western Australia. The study apparently proves the company can make money by digging Australia's first molybdenum mine despite its $1 billion price tag. The study used a long-term molybdenum price forecast of less than half the present amount, and still found the project was technically and economically viable. The company now plans to seek financing for the project over the next six months to allow a start-up in about two years. Moly's Australian stock is up more than 300 per cent this year. Its Toronto-traded stock has made similar gains. Moly Mines has been operating at a loss since 2004.
Shares in Mirvac were up 1.66% to $5.51 after it abandoned plans to buy a privately owned British property fund manager. Talks between Mirvac and Kenmore reportedly broke down after the British company lost interest in the slow progress of negotiations and decided to get on with business. Apparently Mirvac's shareholders were nervous about the outlook for the UK commercial property market. Mirvac has been profitable since 2003 with 2007 being the highlight.
The S&P/ASX top 200 companies trading ex-dividend today are Ramsay Healthcare with a 16 cent fully franked dividend to be paid on the 12th of October, Sally Malay with a 12 cent fully franked dividend to be paid on the 15th of October, and Straits Resources with a 3 cent zero per cent franked dividend to be paid on the 17th of October.
To international markets, tech stocks drove US markets to an mildly positive finish overall after some negative economic news; The Dow Jones Industrials was up 20, the S&P500 was down just over half a point and the Nasdaq composite was up 16 points.
European markets had their worst day in a week; London's FTSE dropped 69; Paris fell 51, and Frankfurt lost 18.
To Asia, where Hong Kong's Hang Sang was down 122 points; Tokyo's Nikkei was up 89 after being closed for a public holiday, and China's SSE Composite was down 59 points.
Back to the US, gold was softer on profit taking in a day of light trade; it closed 50 cents weaker to $738.80 US an ounce for the spot contract on Comex, Silver lost 2 cents to $13.62, copper fell 2 cents to $3.63.
And finally, oil fell $1.42 to finish at $79.53 for November light crude in New York.
Source: Finance News Network © 2007
http://www.finnewsnetwork.com.auAbout Finance News Network
Finance News Network (FNN) has been producing up-to-date concise business and finance news tailored to traders and investors alike since 2002. FNN content reaches a diverse and constantly growing audience via online streaming video, Street Vision broadcasts and the Telstra 3G mobile phone network.
http://www.finnewsnetwork.com.au
