Sydney, Oct 4, 2007 (ABN Newswire) -
The share market retreated today. BHP Billiton led the market down with many believing the recent rally in resource stocks may have been overdone. Energy firms also fell on weaker oil prices.
The S&P/ASX 200 Index closed down 93 points to 6567, and on the futures market the SPI 200 closed down 79 points.
In company news, Lihir Gold has dismissed recent takeover talk surrounding the company. The comments came as Lihir was described as an attractive target by Newmont Mining. Analysts say there is significant potential for further consolidation within the gold industry, both domestically and abroad. Lihir chief executive Arthur Hood simply said he was not fazed about the takeover talk. Newmont's comments also focused on Australia's largest independent gold producer Newcrest Mining. Shares in Lihir Gold closed 2.98% lower at $3.91.
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http://abnnewswire.net/lnk/I13RK1S3And Lend Lease has been chosen to redevelop the University of Western Sydney's Westmead site. The $250 million project involves developing a new town centre between Westmead hospital and the railway station. Chief operating officer David Rolls says the anticipated development will be the first project for the soon-to-be launched Lend Lease Australian Real Estate Partners 3 Fund. Together with its debt capacity, the fund will have the ability of targeting over $1.3 billion in property assets during its investment period. Shares in Lend Lease closed 1.42% lower at $18.73.
In other news today, shares in Lafayette Mining plunged after the owner of a Philippine mine announced a restructuring that will dilute its existing shares.
Adelaide Brighton rose after UBS upgraded its rating in the cement producer from neutral to a buy, citing a recent fall in the share price and a strong outlook.
UBS Investment Research has downgraded Challenger Financial Services from buy to neutral, saying it's concerned the global credit crunch could slow its deal flow.
Queensland property company Devine has just settled a $13.5 million deal to buy corporate company Stewart Silver King and Burns.
National Australia Bank chief financial officer, Michael Ulmer, has pulled out of the race of candidates to eventually replace chief executive John Stewart.
Now to today's best and worst performers, the best performing index was the Information Technology index gained 1 point to 542, while the worst performing index was the Materials index shedding 386 points to 15,220.
Gunns was the best performer in the S&P/ASX top 200 surging 16.89% to $3.53; Babcock and Brown Power and Tower Australia also made ground.
Timbercorp was the worst performing stock today shedding 12.82% to $1.53; Paladin Resources and Sino Gold Mining also retreated.
To commodities now, gold is currently trading at $752.20 US an ounce and light crude is 21 cents weaker at $79.73 US a barrel.
Source: Finance News Network © 2007
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