Sydney, Oct 1, 2007 (ABN Newswire) - Australian shares lost early gains to edge down 0.1 per cent, as Westfield and other firms with overseas exposure fell on worries that a rise in the Australian dollar to 18-year highs would erode profits. Gold stocks Newcrest and Lihir have gained after the gold price soared to 28 year highs over the weekend.

The S&P/ASX 200 Index closed down just 4 points at 6,564 in light trade today; the index had been considerable higher earlier in the session, even hitting a new intraday high; the futures market the SPI 200 is up 22 points.

Turning to company news now, Publishing & Broadcasting has announced plans to build what it says will be Australia's largest hotel. PBL's Crown unit has earmarked around $300 million to build a new hotel at its Crown Entertainment Complex Melbourne. The 658 room hotel will be the third on site, with Crown estimating the hotel will be in open for business in May 2010. Crown also announced it will spend an additional $100 million to refurbish gaming facilities at the complex and an additional $65 million to upgrade another hotel at the site. Shares in Publishing and Broadcasting closed 0.71% lower at $19.56.

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

Video Link

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Grange Resources has acquired an exploration licence for the eastern extension of its flagship Southdown magnetite deposit from Rio Tinto. As consideration for the acquisition, Grange shareholders approved the issue of nine million shares and 17.5 million options to Rio's nominee Hamersley Holdings, as well as $1 million cash. Grange officials say the extension would increase the life of the mine to more than 35 years. Mining should begin in 2010, with full production following the year after. Shares in Grange Resources closed 0.71% lower at $2.80.

In other news today, Arrow Energy has signed a number of venture agreements with Indonesia's state oil company. The agreements allow the Brisbane based gas producer to begin studying coal seam methane deposits which could lead to a production contract.

Pulse Health, formerly known as Biometrics, resumed trading on the ASX today. Pulse has a market capitalisation of just over $27 million and has issued nearly 136 million shares, as it seeks to grow into a major integrated health care provider.

BHP Billiton shares surged to an all time high today as new boss Marius Kloppers took the helm from Chip Goodyear. BHP Billiton shares closed down 5 cents or 0.11 per cent lower to $44.50 at after earlier reaching a high of $45.10.

And Wesfarmers and Coles Group estimate their combined revenue to be around $39 billion.

Now to today's best and worst performers. Among the best performing indices was Energy, the index gained 70 points to 15,753, and the worst performing index was the Telco Index which fell 16 points to 1,539.

Australian Infrastructure Fund was the best performer in the S&P/ASX top 200 gaining 7.28% to $3.39; Sino Gold Mining and Mount Gibson Iron were also in favour today.

Western Areas was the worst performing stock today sliding 4.53% to $4.85; SIMS Group and Sigma Pharmaceuticals also lost investor support.

To commodities now, gold is currently trading near a 28-year peak at $745.60 US an ounce and light crude is 11 cents firmer at $81.77 US a barrel.

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

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