Sydney, Oct 15, 2007 (ABN Newswire) -
Australian shares could open stronger today, buoyed by gains on Wall Street at the end of last week, with resource firms expected to gain on record high oil and firmer base metal prices.
On Friday the S&P/ASX200 was down 23 points to 6,749 on the future's market the SPI-200 was up 32.
Turning to currencies, at 8:45AM the dollar is buying 90.49 US cents, on the crosses its buying 106.29 Yen, 63.82 Euro cents, and 44.44 British pence.
Making headlines this morning, Consolidated Minerals shares were down 0.21 per cent to $4.79. Ukrainian-backed Palmary Enterprises has advised the company's shareholders to hold on to their shares while it plots its response to a takeover offer by a rival bidder.
The full report is available at the following video and audio links.
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http://abnnewswire.net/lnk/13QY81DYPalmary's $4.50 a share bid was matched on Friday by Private equity outfit Pallinghurst Resources. AAP reports, sources close to Palmary say if ConsMin shareholders accepted Pallinghurst's offer they won't be able to withdraw and then accept any higher offer from Palmary, which may emerge. Palmary is due to lodge its bidders statement by Wednesday. ConsMin posted a profit in 2007 after being in the red in 2006.
Shares in PBL Media were down 1.49 per cent to $20.49. Sky News reports the company's Nine Network's Sydney and Melbourne properties will be officially put on the market today as the broadcaster prepares to relocate its operations at a cost of nearly $150 million. The properties will be offered through expressions of interest according to Colliers International. PBL media is expected to make a decision on the two new locations by December. PBL's profit highlight was in fiscal 2007.
The S&P/ASX Top 200 companies trading ex-dividend today are Centro Shopping America Trust, with a 5.29 cent, 0 per cent franked dividend to be paid on October 25th. Henderson Group with 67.59 cent, 0 per cent franked dividend paying on October 29th. Nufarm with 21 cents, 100 per cent franked dividend paying on November 9th.
To international markets, US markets were higher, driven by takeover news in the Tech sector. The Dow Jones Industrials was up 78 points and the S&P up 7 points, the Nasdaq composite was also higher, up 33 points.
European shares were mixed; London's FTSE was up 6; Paris was down 19, and Frankfurt up 8 points.
To Asia, where Hong Kong's Hang Seng finished down 295; Tokyo's Nikkei also lower down 128; and China's SSE Composite dropped 10.
Back to the US, a rising US dollar saw gold prices finish lower on Friday, ending down $2.90 to $753.80 US an ounce for the spot contract on Comex, Silver fell 8 cents to $13.90 and copper lost 2 cents to $3.65.
And finally, oil closed on a record high, up 61 cents to $83.69 a barrel for November light crude in New York.
Source: Finance News Network © 2007
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