Sydney, Oct 8, 2007 (ABN Newswire) -
The share market managed another record high today. U.S. exposed firms rose following the release of strong U.S. jobs data, while the big miners gained on firmer base metal prices.
The S&P/ASX 200 Index closed up 49 points to 6654, and on the futures market the SPI 200 closed up 29 points.
In economic news, the number of job ads fell in September. The ANZ employment ads series shows the number of jobs advertised in major capital city newspapers and on the internet declined by 0.4 per cent to a seasonally adjusted weekly average of 247,853.
ANZ's head of Australian economics Tony Pearson says the figures suggest some steadying in the demand for labour after a period when it's been rising very strongly.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/D8355J74Audio Link
http://abnnewswire.net/lnk/2U6R58O6In company news, the ASX is now facing a $1 million law suit. The ASX says it's received a damages claim in relation to the cancellation of trades on the Sydney Futures Exchange. A total of six applicants are now arguing they lost money when the SFE was shut down temporarily because of human error on the 25th of July after the CPI was released at about 11:30am. The ASX denies the allegations saying it acted appropriately after the incident. Shares in the ASX closed 0.8% higher at $55.10.
And Australian Pharmaceutical Industries will now be the preferred distributor of Alphapharm generic drugs. It's all part of a new partnership announced today. Under the arrangement, Alphapharm will be the preferred generics supplier to API's pharmacy brands including Chemworld, and Soul Pattinson. API says both companies will offer a comprehensive product range, competitive pricing, and marketing and development programs for pharmacy customers. The deal has an initial term of five years and will take effect from the end of October. Shares in API closed 6.22% higher at $2.05.
In other news today, former BHP Billiton executive Scott Lowe has been appointed to the role of chief operating officer for AIM Resources zinc project in West Africa.
Aurox Resources says it's estimated capital costs of $603 million for its wholly owned Balla Balla iron ore project in Western Australia's Pilbara region.
Qantas says it's starting a new service from Brisbane to Karratha in Western Australia from next month to take advantage of the current mining boom.
And Tap Oil says it's entered into a gas sale agreement expected to generate total revenues of about $135 million. The contract will begin in July 2008 and terminate in October 2013.
Now to today's best and worst performers, and all the major indices were up today. The best performing index was the Materials index gaining 227 points to 15,547, while the Property index closed steady 2427.
Fortescue Metals was the best performer in the S&P/ASX top 200 surging 8.53% to $53.95; Consolidated Minerals and Macarthur Coal also made ground.
Minara Resources was the worst performing stock today shedding 4.48% to $5.97; Gunns and Energy Resources also retreated.
Gold is currently trading at $741.10 US an ounce and light crude is 41 cents weaker at $80.81 US a barrel.
Source: Finance News Network © 2007
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