Sydney, Oct 10, 2007 (ABN Newswire) - The share market rose to a new record high today, resource firms led the market higher on the back of stronger base metal and oil prices.

The S&P/ASX 200 Index closed up 61 points to 6738, and on the futures market the SPI 200 closed up 57 points.

In economic news, a leading indicator of Australian Employment fell for the fourth consecutive month in October. According to the Department of Employment and Workplace Relations, the government's leading indicator of employment fell to minus 0.137 in October compared to September's minus 0.079. The Department says the figures suggest some slowing in employment growth may lie ahead.

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

Video Link

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To company news now, United Group says it expects revenue to nearly double this year. Chief executive Richard Leupen told shareholders today he expects next year's total revenue to approach $4 billion with ongoing favourable market conditions. He says their term goal was to increase earnings by between 10 and 15 per cent, with organic growth and acquisitions continuing to be the future growth drivers. Back in August, United posted an 18 per cent increase in profit to produce earnings of $92.7 million. Shares in United Group closed 0.31% higher at $19.21.

And Woolworths came under fire today, accused of selling paper products which make allegedly misleading environmental claims. Last month Woolworths withdrew products manufactured in Indonesia by Asian Pulp and Paper after concerns over a forest sustainability logo on the label. But NSW Greens MP John Kaye says toilet paper made by the same company is still being sold. Mr Kaye says it means Woolworths is in effect supporting a company that's in trouble for illegally clearing forests in China. Mr Gaye says the Greens will refer the matter to the ACCC. Shares in Woolworths closed 0.03% higher at $31.67.

In other news today, Symbion has rejected a proposal from major shareholder Primary Health Care to buy some of its assets. Symbion said the proposal was incomplete and didn't provide enough details.

Palmary Resources has received Foreign Investment Review Board approval of its planned $1 billion takeover of manganese miner Consolidated Minerals.

Shares in copper explorer CuDeco rose today after releasing some promising exploration results from its Rocklands project in Queensland.

Westpac chief David Morgan says he's confident his bank's bid for some of the assets of RAMS Home Loans will be successful.

And Macquarie Bank announced today it's taken a 20 per cent stake in a private chain of internet cafes for an undisclosed sum

Now to today's best and worst performers, the best performing index today was the Materials index gaining 252 points to 15,697, while the worst performing index was the Health Care index shedding 24 points to 9264.

Mt Gibson Iron was the best performer in the S&P/ASX top 200 surging 15.02% to $2.45; Perilya Limited and Gunns also posted gains.

Rubber products maker Ansell was the worst performing stock today shedding 4.14% to $12.27; Alumina and David Jones also retreated.

Gold is currently trading at $740.75 US an ounce and light crude is 12 cents weaker at $80.14 US a barrel.

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

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