Sydney, Oct 10, 2007 (ABN Newswire) - Australian shares rose to hit a third straight intraday record with resource firms like BHP Billiton leading the way up on stronger base metals and oil prices.

At Midday the S&P/ASX200 index is up 43 points to 6,721 and on the futures market the SPI- 200's up 58.

In economic news, Australian consumer sentiment moderated slightly in October amid households worries over the state of finances as rents and mortgage costs rose. The Westpac-Melbourne Institute consumer sentiment index dipped 0.3 percent to 115.3. But that unwound just a little of September's four and half percent jump and the index was a healthy nine-point-six percent higher than in October last year.

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

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In company news this hour, a subsidiary of residential developer Sunland Group has bought a development site in Dubai for nearly $80 million. The 1.6 hectare site was purchased from the government-owned master developer Nakheel. The land has development opportunity for mixed-use residential with 5000 square metres of retail: twin residential towers and serviced apartments. The estimated end value of the development is $1billion with construction to be complete by 2013. Shares in Sunland Group are up 3.12 per cent to $4.29.

Newmont Mining plans to buy Canadian explorer Miramar Mining Corp as it eagerly attempts to replenish gold reserves. The $1.7 billion all-cash deal will give the world's number two gold producer control of the undeveloped Hope Bay project in Canada's far north. According to Miramar's website, the project has indicated and inferred resources of almost 11 million ounces. The deal received unanimous approval from Miramar's board. Shares in Newmont Mining are up 1.79 per cent to $5.11.

Now to Warrants with Macquarie Bank. Warrant traders that bought on recent weakness used the jump in BHP Billiton to take gains off the table with the highlights being BHPWMN Oct07 $41 Call and BHPIMX Jan08 $42 Deferred Instalment.

A surge in Jubilee Mines shares on the back of strengthening nickel futures overnight has also seen warrant traders take gains off the table through JBMIMG Nov08 $8 Instalment.

Traders believing further upward momentum is ahead for National Australia Bank, opened positions on the long side through NABWMN Nov08 $42 Call.

Turning now to market indices, the index posting the biggest gain by percentage points is the Materials which is up 205 points to 15,650. Shares in Incitec Pivot are up 4.05 per cent to $89.05. Shares in BHP Billiton and Rio Tinto are also higher.

The worse performing index by percentage points in the Health Care which is down 24 points to 9,264. Shares in Ansell are down 3.59 percent to $12.34. Shares in Healthscope and CSL Limited are also lower.

In Tokyo, the Nikkei is up 55 points and in New Zealand the NZSX-50 is down 3.

Gold is currently trading at $739.50 US an ounce and one Australian dollar's buying 89.89 U.S cents.


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

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