Sydney, Nov 1, 2007 (ABN Newswire) -
Aussie shares hit another all time high this morning with record high oil prices lifting resource firms such as Woodside Petroleum, while Westpac gained on better than expected results.
The full report is available at the following video and audio links.
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http://abnnewswire.net/lnk/86Q39L95Sentiment also got a boost following a cut in U.S. interest rates by the Federal Reserve and data showing that the world's biggest economy was still on a growth track.
At Midday the S&P/ASX200 index has gained 53 points to 6,807 and on the futures market the SPI 200's up 39.
In economic news, Australian retail sales grew 0.8 percent in September compared to August, easily outpacing expectations and adding to the case for a further rise in interest rates.
Other government data showed the country's trade deficit unexpectedly widened in September to $1.862 billion as exports fell 4 percent.
In company news this hour, farm chemicals company Nufarm this morning confirmed rumours that it has been in talks about a potential takeover of the company and it had received a letter yesterday, related to a potential take over. Yesterday its shares soared after a Hong Kong newspaper reported China National BlueStar and Blackstone Group were revising a bid for Nufarm after it rejected a US$2.7 billion offer. Nufarm shares are in a trading halt and the company said it will make an announcement on Monday as shares come out of the halt. Nufarm shares last traded at $15.60.
Flight Centre this morning announced at its annual general meeting in Brisbane that it expects first half net profit to increase by 40 per cent compared to the same period a year ago. Flight Centre shares were already trading strongly this morning and the news helped the shares extend those gains to rise 3.66% to $25.20.
Now let's have a look at warrants from Macquarie Bank.
But Brambles has failed to get caught up in today's bullish sentiment, with the stock currently flat. Warrant traders anticipating a jump in the stock looked to upside through BXBWML Nov07 $14.50 Call and BXBWMM Nov07 $15.50 Call.
Telstra shares have tracked higher as investors cheer the upgraded guidance at today's strategy day. Warrant traders that like the outlook leveraged to further gains through TL3IMO Jan08 $2.00 Instalment.
Turning now to market indices. The index posting one of the most significant gains by percentage points this morning is the Telecommunications index gaining 34 points to 1,699. Shares in Singapore Telecommunications rose 1.95% higher to $3.13. Telstra shares are also higher after the company raised its full year profit forecast. SP Telemedia shares are also higher.
The index posting the most significant loss by percentage points is the Health index, down 68 points to 9,431. CSL shares are down 1.42% to $35.98. Resmed and Symbion Health shares have also lost ground.
And now let's take a look at regional markets. In Tokyo, the Nikkei is up 112 and in New Zealand the NZSX50 is up 7.
Gold is currently trading at $798.30 U.S an ounce and one Australian dollar's buying 93.21 U.S cents, after reaching a fresh 23 year high again today.
Source: Finance News Network © 2007
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