Sydney, Sept 27, 2007 (ABN Newswire) - Australian shares could rise this morning taking a positive lead from Wall Street, though major miners could fall on weaker base metal prices.

On Wednesday the S&P/ASX200 lost 2 points to finish at 6,481; on the future's market the SPI200 is up 42.

Turning to currencies, the Australian dollar has risen to its highest level since July 26 as stocks on Wall Street gained. At 8:40 AM the Aussie is buying 87.61 US cents, on the crosses the dollar is buying 101.2 yen, 62.01 Euro cents, and 43.5 British pence.

The full report is available at the following video and audio links.

Video Link

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Audio Link

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Making news headlines this morning is RAMS Home Loans. Shares were up 3.68% to 98.5 cents RAMS is planning a $250 million residential-mortgage-backed securities issue, the first since it got caught up in the global credit crunch. Moody's Investors Service said the offer would start marketing today, though yesterday the company said the offer had not yet been priced and there was no certainty that it would proceed. The offer will have three tranches and is expected to price by October 3. RAMS share price is down around 60 per cent since its IPO at the end of July. RAMS earnings dropped by close to $15 million in 2007.

Shares in Aussie coal miner GVM were up 2.13% to 96 cents. The company says it has sealed a preliminary agreement to buy a 60 per cent stake in South Africa's Tshikunda Mining. GVM's managing director said the deal is part of its plans to move further into South Africa's coal-rich northern province. GVM sunk back into the red in 2006 after posting a profit the previous year.

And briefly, Westpac has launched a fund allowing investors to buy into residential property without the complications of direct ownership. The fund offers investors access to the capital growth of a portfolio of residential properties worth $226 million. Investors will be entitled to a return based on 130 per cent of the portfolio's capital growth rate.

To international markets, the possible end to GM a autoworkers strike and rumours surrounding Bear Stearns drove the markets in New York; The Dow Jones Industrials was up 100, the S&P500 advanced 8 and the Nasdaq composite was up 16 points for the second day in a row.

European shares broke a two-day losing streak on financial stocks such as the beleaguered Northern Rock; London's FTSE lifted 36; Paris gained 49, and Frankfurt climbed 35.

To Asia, where Hong Kong's Hang Sang was closed; Tokyo's Nikkei was up 34; and China's SSE Composite was down 87 points.

Back to the US, gold fell on Wednesday putting a damper on its run-up to a 28 year high; it closed $3.30 weaker to $735.50 US an ounce for the spot contract on Comex, Silver lost 8 cents to $13.55, copper fell 2 cents to $3.61.

And finally, oil erased early losses gaining 77 cents to finish at $80.30 for November light crude in New York.

Source: Finance News Network © 2007 http://www.finnewsnetwork.com.au

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