Sydney, Oct 4, 2007 (ABN Newswire) -
Australian shares could drop off today, following a lackluster performance in New York; though the big miners could grain from stronger base metal prices.
On Wednesday the S&P/ASX200 closed virtually unchanged from Tuesday after touching a lifetime high earlier in the session. It ended at 6,660; the index has now risen about 21 per cent from its 2007 low in mid-August; on the future's market the SPI200 is down 32.
Turning to currencies, at 8:45AM the Aussie is buying 88.25 US cents, on the crosses the dollar is buying 102.95 yen, 62.61 Euro cents, and 43.42 British pence.
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http://abnnewswire.net/lnk/9A7608V9Centrex Metal is in the news this morning, shares in the iron ore prospector were down 2% to 49 cents on Wednesday. The company's managing director says the next four years is looking good with demand from Chinese steel mills continuing to put upward pressure on prices. Iron ore prices have risen for five straight years; UBS is forecasting a 25 per cent rise in prices for the shipping year beginning in April. Centrex also said Chinese steelmakers could be forced to pay freight compensation for Australian ore in the coming years. Centrex has been operating at a loss since 2004.
Shares in Nexus Energy were down 4.2% to $1.37. The oil and gas producer has upped the ante in its pursuit of Anzon Australia. Nexus' now owns a 16.4 per cent stake in Anzon, making it the company's second biggest shareholder. Nexus has been mopping up Anzon shares since September when the company put itself up for sale. Nexus says a merger between the two companies would create a mid-sized oil and gas company with market value of about $1.4 billion. Nexus Energy has posted a string of losses since 2003.
To international markets, US markets were down with tech stocks dragging and investors anxiously awaiting the September job report; The Dow Jones Industrials closed 79 points weaker, the S&P500 was lost 7 and the Nasdaq composite eased 18 points.
European shares were up once again on renewed investor confidence in financial institutions; London's FTSE was up 35; Paris added 7, and Frankfurt rose 9.
To Asia, where Hong Kong's Hang Sang lost 720 after the previous sessions extreme rally; Tokyo's Nikkei was up 153; and China's SSE Composite was closed once again.
Back to the US, gold and sliver see-sawed but finished mostly unchanged after Tuesday's profit taking. Gold closed 60 cents weaker to $735.70 US an ounce for the spot contract on Comex, Silver gained 2 cents to $13.47, copper was up 5 cents to $3.76.
And finally, oil as volatile after a mixed inventory report. It ended 11 cents weaker at $79.94 a barrel for November light crude in New York.
Source: Finance News Network © 2007
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