Sydney, Oct 17, 2007 (ABN Newswire) - The share market finished in negative territory again today. There were mixed performances from some of the index heavyweights, BHP Billiton and RIO Tinto both fell under some selling pressure along with some of the big banking stocks. Energy firms though gained on record oil prices.

And the S&P/ASX 200 Index closed down 12 points to 6680, and on the futures market the SPI 200 closed down points.

To company news now, Rio Tinto has posted near record iron ore production. The world's third largest miner managed to produce 36.39 million tonnes of iron ore during the three months to September. That's a 2 per cent increase on the same period last year. The miner is currently in the midst of a $43 billion takeover of Canadian aluminium producer Alcan. If successful, the deal will transform Rio into the world's largest producer of aluminium. Shares in the Rio Tinto closed 3.08% lower at $110.

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

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And Westpac has now completed due diligence on RAMS. Westpac says it didn't discover anything likely to have a material impact on its financial position and profitability. The bank will now proceed with its plans to buy the mortgage lender for $140 million. According to Fairfax, RAMS has agreed to sell its 92 stores and all the future business it writes from November 15 to Westpac on October the 2nd. Shares in Westpac closed 1.17% lower at $28.70.

In other news today, Stonehenge Metals came out of a trading halt after announcing it has agreed to acquire an 85 per cent interest in an Indonesia nickel project.

Engin has accepted the Seven Network's $127 million offer for wireless broadband carrier Unwired Group.

Village Roadshow says it's extended the closing date for its hostile $129.8 takeover bid for Sydney Attractions Group by three weeks.

Shares in Atlas Iron rose after the firm reported positive exploration results from its iron ore prospect in Western Australia.

And the ALE Property Group announced it's purchased hotels in Perth and Sydney worth around $27 million. The purchase of the hotels increases the group's portfolio of property to around $825 million.

Now to today's best and worst performers, the best performing index today was the Health Care index gaining 223 points to 9228, while among the worst performing indices was the Materials index shedding 132 points to 15736.

Boom Logistics was the best performer in the S&P/ASX top 200 rising 5.44% to $3.10; Australian Wealth Management and CSL also gained ground.

City Pacific was the worst performing stock today losing 8.98% to $3.85; Perilya and Murchison Metals also backpedalled.

Gold is currently trading at $757.20 US an ounce and light crude is 20 cents weaker at $87.41 US a barrel.

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

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