Sydney, Oct 11, 2007 (ABN Newswire) - Aussie shares have once again nudged up to hit a fourth straight intraday record peak buoyed by gains in resource firms such as Rio Tinto and Woodside Petroleum on firmer oil and metal prices.

At Midday the S&P/ASX200 index is up 16 to 6,755 and on the futures market the SPI- 200's up 40.

In economic news, Australian employment rose by 13,000 jobs in September, a little less than expected but the jobless rate dropped to a fresh 33-year low, keeping alive speculation that interest rates might have to be lifted again to restrain inflation.

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In company news this hour, Bank of Queensland has announced an annual cash profit rise of 22 percent, at the top end of forecasts. The Brisbane-based lender enjoyed strong loan and deposit growth with net profit of over $106 million compared to $87 million a year ago. EPS rose 17 percent. The results were driven by a 27 percent rise in loans under management and a 33 percent lift in retail deposits. The bank has been opening more branches outside its fast-growing home state of Queensland. Australia's eighth biggest bank also announced a management restructure following recent acquisitions and said it was well placed to handle the global credit squeeze. Bank of Queensland shares rose 2.17% to $19.30 in response.

Alcoholic drinks firm Foster's Group took a tumble after UBS downgraded its rating on Foster's to sell from neutral, citing rich valuations following a recent run-up in share price. Foster's shares have surged about 21 percent since hitting a 2007 low in mid-August, based on its Wednesday's closing price. The company is also expected to be affected by the resurgent Aussie dollar currency impact on its U.S. wine business, which has sales of $1.2 billion. Shares in Fosters slipped 2.2 percent to $6.66 this morning.

Turning now to market indices. Materials companies are driving the market today. The index is up 141 points to 15,878. Shares in Lihir Gold added 3.52% to $4.12, Oxiana and BHP Billiton also enjoyed investor favour. The health index took a tumble, 78 points lower 9,186. Peptech tracked 1.76% lower to $1.115. CSL and IBA Health also retreated.

In Tokyo, the Nikkei is up 11 and in New Zealand the NZSX-50 is up 18.

Gold is currently trading at $742.00 US an ounce and one Australian dollar's buying 89.8 U.S cents.


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

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