Sydney, Oct 31, 2007 (ABN Newswire) -
The share market was in two minds about how to finish the day.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/76121MADAudio Link
http://abnnewswire.net/lnk/5LYZE7T7
Throughout the trading day lower base metal prices helped to weigh down the miners, while the big banks provided some support to the market.
Turning to the markets now... And the S&P/ASX 200 Index closed 4 points higher to 6754, and on the futures market the SPI 200 fell 8 points.
To company news now? Investors shied away from Sims Group today after the firm announced a fall in its first quarter profit. Earnings fell 16 per cent to $57.3 million. The metals recycler says the result was due to a weaker U.S. dollar and high freight rates. The firm said conditions in its markets during October were similar to the end of September and that metals prices should remain firm. Shares in Sims Group closed 2.73% lower at $28.15.
Village Roadshow has raised its bid for Sydney Attractions Group. Village increased its offer by 49 per cent to $6.50 per share. The offer, however, is conditional on Village acquiring a 35 per cent interest in Sydney Attractions. Village says its revised offer would be its 'last and final price' and it continued to believe its original offer was fair. The new offer comprises a cash component of $6.50 per share, 49 cents higher than the previous bid, plus a 5 cent per share dividend. Shares in Village Roadshow closed 2.03% higher at $3.02.
In other news today? Origin has lowered its profit growth forecast for 2007 from about 15 per cent to between 10 and 15 per cent. The power retailer blamed a delayed start-up to a major gas project.
Fosters says the strong Aussie dollar will have a significant negative impact on earnings.
Apollo Minerals made a strong start to life of the stock exchange today. The uranium, iron and base metals explorer opened at 29 cents or a 16 per cent premium to its issue price of 25 cents. The stock closed the session at 26 cents.
Macquarie Media Group says its business has enjoyed good momentum in the first quarter of 2008. Ahead of completing its acquisition of Southern Cross Broadcasting, the group says it's continuing to seek other acquisitions.
Now to today's best and worst performers. The best performing index today was the Financials Excluding Property index gaining 64 points to 7770, while the worst performing index was the Energy index shedding 215 points to 15798.
Nufarm was the best performer in the S&P/ASX top 200 climbing 12.55% to $15.60; Independence Group and Pan Australian Resources also moved ahead.
Roc Oil was the worst performing stock today dived 15.13% to $3.31; Zinifex and James Hardie also lost ground.
To commodities now... Gold is currently trading at $782.90 US an ounce and light crude is 75 cents weaker at $89.63 US a barrel.
Source: Finance News Network © 2007
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