Sydney, Oct 2, 2007 (ABN Newswire) -
The share market rose to a new all-time high today. Financial stocks drove the market higher, while the miners were also firmer on stronger bas metal prices.
And the S&P/ASX 200 Index climbed 96 points to 6660, and on the futures market the SPI 200 up 94 points.
In company news, The consumer watchdog is now wrestling with Coca-Cola Amatil's bid for Golden Circle. The bid is subject to several conditions including approval from the ACCC and obtaining the unanimous support of all directors of Golden Circle. Last week the beverages company made a conditional offer to acquire 100 per cent of the fruit processor but didn't disclose the terms of the offer. Coca Cola says Golden Circle's products would complement the company's existing health and well-being product range. Shares in Coca-Cola Amatil closed 2.27% higher at $9.01.
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http://abnnewswire.net/lnk/HQR6OG0VAnd Village Roadshow says its merger with Concord Music Group should be completed by January next year. The merged entity will be known as Village Roadshow Entertainment Group. Last month Village signed an agreement to merge its film production facility with Concord to form a new entertainment company. The merger was due to be completed by late October. Shares in Village Roadshow closed 2.01% higher at $3.05.
In other news today, shares in Coates Hire firmed after it accepted a $1.7 billion offer from rival National Hire Group and private equity firm Carlyle Group.
Shares in Metminco hit the ground running in the company's first day of trading. Shares in the mining exploration company opened at 28 cents or at a 40 per cent premium to its issue price. The stock closed the session at 29 cents.
Another debutant today was China Century Capital. The firm which specialises in private equity investments in China fell 29 per cent on the open to begin trading at 32 cents. The stock ended the session at 28 cents.
The National Australia Bank today spoke of the desperate need for rain across much of the nation's farm lands. Economist Skye Dixon has warned the outlook for wheat crop, already in great stress, was only getting worse.
Fisher and Paykel Appliances says it plans to increase its European sales through a partnership with a Turkish whitegoods manufacturer.
Now to today's best and worst performers, the best performing index was the Materials index gaining 361 points to 15,820, while the worst performing index was the Information Technology index shedding 2 points to 547.
Lynas Corp was the best performer in the S&P/ASX top 200 surging 12% to $1.40; Allco Finance and Gunns also advanced.
Minara Resources was the worst performing stock today shedding 4.21% to $6.15; Sino Gold and Aquarius Platinum also ground.
To commodities now, gold is currently trading at $738.20 US an ounce and light crude is 18 cents weaker at $80.06 US a barrel.
Source: Finance News Network © 2007
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