Sydney, Oct 1, 2007 (ABN Newswire) - Australian shares have risen about 0.2 per cent percent this morning, as a jump in gold lifted shares in miners such as BHP Billiton and Newcrest Mining. However, trading volume was thin due to a public holiday in New South Wales, South Australia, and the ACT.

At Midday the S&P/ASX200 index is up 15 points to 6,583 after setting record closing highs in the previous two sessions; and on the futures market the SPI 200's up 34.

In company news this hour, Wotif.com Holdings plans to make bid for the online travel agency Travel.com.au, topping a rival bid from Webjet. Wotif.com is offering 50 cents cash or a scrip alternative of its own shares for each Travel.com.au share. The cash offer values Travel.com.au at $49.8 million. Travel.com.au management had earlier recommended the Webjet offer in the absence of a superior bid emerging. Wotif.com says the potential takeover will generate attractive cost savings and will boost earnings for the 2009 financial year, the first full year after the acquisition. Shares in Wotif.com are up 2.48% to $5.38.

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

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CSL shares have helped drive the market this morning after the biotech firm received US regulatory approval for its flu virus vaccine. The vaccine marks its first move into the US vaccine market. CSL says its plans to begin delivering shipments to the US for the upcoming flu season in the northern hemisphere. Shares in CSL are up 0.64% to $107.99.

Turning now to market indices. At Midday, the Materials index is posting the biggest gain by percentage points this morning. It's up 106 points to 15,502. Shares in Lihir Gold are up 3.05% to $4.06. Oxiana and BHP Billiton are also trading up.

The index deepest in the red is Property, which is down 16 points to 2,448, hurt by the weakness in the US dollar. Shares in GPT Group are down 1.37% to $5.03. That's followed by Westfield Group and ING Office fund.

In Tokyo, the Nikkei is up 64 and in New Zealand the NZSX-50 is up 8.

Gold is currently trading at $744.50 US an ounce and one Australian dollar's buying 88.97 U.S cents.


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

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