Sydney, Oct 9, 2007 (ABN Newswire) - Well what looked like being a fairly ordinary day on the market turned into yet another positive session with the market reaching a new record high. The market was led higher by banking stocks, BUT resource firms were dragged down by weaker metal and oil prices.

And the S&P/ASX 200 Index closed up 24 points to 6678, and on the futures market the SPI 200 closed up 29 points.

In economic news, Australian business conditions have improved, but skills shortages and higher interest rates are putting downward pressure on sales and profits. That's all according to the latest SAI Global-Australian Chamber of Commerce and Industry Survey of Investor Confidence. ACCI chief executive Peter Hendy says interest rates are having their impact on investment planning, sales and profits.

The full report is available at the following video and audio links.

Video Link

http://abnnewswire.net/fnnlnk/92MF4AJ2


Audio Link

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To company news now, Goodman Fielder has announced it will shut its bakery in Geelong, Victoria, and restructure a plant in Sydney. The company's fats and oils making plant, located in Sydney's West, will be moved to a larger plant in Brisbane and Melbourne. The nation's biggest publicly listed food manufacturer says the changes are expected to result in about 90 staff redundancies. Managing director Peter Margin said Goodman Fielder's goal was to be the lowest cost manufacturer in all its major categories. Shares in Goodman Fielder closed 0.86% higher at $2.34.

And Australand Property Group says it's bought two Melbourne shopping centres. The centres ? worth around $30 million ? were acquired for a newly launched fund called the Australand Retail Trust. Chief executive Bob Johnston says Australand is diversifying its income streams from residential, commercial and industrial markets into the retail market. The property developer said the trust had plans for more retail property acquisitions in the future. Shares in Australand closed 0.85% higher at $2.37.

In other news today, shares in MacMahon Holdings climbed to their highest level since 1988 after Leighton Holdings announced it had government approval to increase its current 14.9 per cent stake in the Perth-based company.

Cloncurry made an impressive start to life on the boards today. The base metals explorer opened at 30 cents, or at a 20 per cent premium to its issue price of 25 cents. The stock closed the session at cents.

Merrill Lynch put a smile on the faces of Tap Oil investors today raising the stock's price target from $2.25 to $2.50 on expectations earnings will increase from its new gas project.

Qantas says it's expanding its operations in New Zealand. Australia's largest airline will re-start a Wellington-to-Christchurch service, add another Boeing 737 to its New Zealand domestic fleet, and invest more than 3 million NZ dollars in passenger facilities.

And according to Fairfax, Murchison Metals has welcomed a decision by the Western Australian government to set up an open process for the development of infrastructure in the state's mid-west region.

Now to today's best and worst performers, the best performing index today was the Telecommunications index gaining 21 points to 1594, while the worst performing index was the Utilities index shedding 54 points to 7349.

Cabcharge Australia was the best performer in the S&P/ASX top 200 surging 7.25% to $10.95; Monadelphous and IOOF Holdings also climbed higher.

Lynas Corp was the worst performing stock today shedding 4.92% to $1.25 and-a-half cents; Consolidated Minerals and Tower Australia also declined.

To commodities now, gold is currently trading at $731.80 US an ounce and light crude is 22 cents weaker at $78.80 US a barrel.

Source: Finance News Network © 2007 http://www.finnewsnetwork.com.au

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