Sydney, Oct 5, 2007 (ABN Newswire) -
The Australian share market could follow the U.S. markets cautious stance ahead of key US jobs figures due out in the next session. However, bargain hunters may take advantage of yesterday's steep decline and a rebound in the oil price could send energy shares higher.
On Thursday the S&P/ASX200 fell 1.4 percent or 93 points to 6,567 and on the future's market the SPI200 is up 18.
Turning to currencies, at 8:40AM the Aussie dollar is buying 88.89 US cents, on the crosses the dollar is buying 103.54 yen, 62.89 Euro cents, and 43.6 British pence.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/W1LO1307Audio Link
http://abnnewswire.net/lnk/9A7608V9Timber company Gunns enjoyed a surge in price yesterday, adding 16.89% to $3.53 after coming out of a trading halt. Winning Federal approval for its $1.7 billion pulp mill was a step forward for the company however strict conditions have been placed on the operation including independent environmental approval, independent site supervision and special rules regarding wildlife preservation. The mill can also be closed if it fails to stringently manage its effluent and annual reports must be audited and made public. Greens campaigners have also vowed to challenge the decision. Gunns has enjoyed steady profit results in recent years.
Shares in Flight Centre have eased 2.46% to $21.05. The travel company ruled its self out of a takeover battle for Travel.com.au after both Wotif.com Holdings and Webjet upped their bids for the online booker yesterday. Flight Centre managing director Graham Turner told the Financial Review he thinks implied value of 55c was ?incredibly expensive' for what they're getting. Jetset Travelworld also bowed out of the race however speculation Australia Online Travel was looking to grab a 10% blocking stake increased after the Melbourne based firm built it's stake to 7.8 percent this week. Flight Centre posted a record profit last financial year.
To international markets, US markets were little changed ahead of the September payroll figures; The Dow Jones Industrials closed 6 points higher, the S&P500 added 3 and the Nasdaq composite firmed 4 points.
European shares were mixed. London's FTSE was up 13; Paris dipped 2, and Frankfurt shed 10.
To Asia, where Hong Kong's Hang Sang lost 506; Tokyo's Nikkei was down 107; and China's SSE Composite was closed once again.
Back to the US, a fall in the US dollar saw gold turn to end sharply, $8.10 stronger to $743.80 US an ounce for the spot contract on Comex, Silver gained 3 cents to $13.50, copper was down 3 cents to $3.74.
And finally, U.S. crude oil futures bounced off earlier lows to rise more by $1.50 to $81.44 for the spot contract on COMEX.
Source: Finance News Network © 2007
http://www.finnewsnetwork.com.auAbout Finance News Network
Finance News Network (FNN) has been producing up-to-date concise business and finance news tailored to traders and investors alike since 2002. FNN content reaches a diverse and constantly growing audience via online streaming video, Street Vision broadcasts and the Telstra 3G mobile phone network.
http://www.finnewsnetwork.com.au
