Sydney, Sept 26, 2007 (ABN Newswire) -
The share market tracked sideways today. BHP Billiton came under some selling pressure, while Brambles rose on fresh talks of an acquisition.
And the S&P/ASX 200 Index closed down 2 points to 6481, and on the futures market the SPI 200 lost 11 points.
In company news, the ANZ Bank has acquired a stake in Shanghai Rural Commercial Bank. The 19.9 per cent stake was snapped up for $318 million. ANZ group managing director Alex Thursby says it's one of the largest investments that ANZ has made in Asia and provides a significant growth opportunity. The Shanghai Rural Bank is China's 17th largest bank by assets, and its largest rural commercial bank. Shares in the ANZ Bank closed 0.8% higher at $28.92.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/LC5737N6Audio Link
http://abnnewswire.net/lnk/62B1I05JAllco Equity Partners has flagged possible acquisition. The company now says it could make an acquisition worth around $500 million by the first quarter of 2008. AEP chairman David Coe says he believes private equity deals could still be carried out despite higher debt costs...but are more likely between groups of private equity players. The comments were made during the company's annual general meeting held in Sydney today. Shares in Allco Equity Partners closed 0.25% lower at $3.98.
In other news today, shares in Resource Pacific Holdings jumped after rival New Hope Corp launched a takeover bid for the firm.
The MAC Services Group climbed to an eight week high today after Goldman Sachs JB Were started coverage of the firm with a buy rating and a price target of $2.83.
Nufarm posted a fall in its annual profit. Earnings fell by 0.3 per cent with the severe drought affecting cropping conditions.
Macquarie Bank is putting its money on gold. It's now the first major institutional investor in junior explorer Southern Gold. The metals explorer is issuing five million shares at 30 cents each to raise $1.5 million. Macquarie says it will receive 2.5 million shares.
Qantas says it will train about 200 Nippon Cargo Airline pilots to fly Boeing 747 400 jumbo jets. The first intake of pilots will begin in October.v
Now to today's best and worst performers. The best performing index was the Healthcare index gaining 76 points to 9331, while the worst performing index was the Materials index shedding 221 points to 15,134.
Murchison Metals was the best performer in the S&P/ASX top 200 lifting 6.26% to $5.09; Newcrest Mining and Fortescue also advanced.
Nufarm was the worst performing stock today shedding 7.11% to $14.25; Aquarius Platinum and Ramsay Healthcare also lost investor support.
To commodities now, gold is currently trading at $733.20 US an ounce and light crude is 40 cents firmer at $79.93 US a barrel.
Source: Finance News Network © 2007
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