Sydney, Nov 6, 2007 (ABN Newswire) -
Australian shares are expected to take a breather today after a volatile run although the mood is likely to remain cautious amid persistent concerns about worsening credit market problems
On Monday. the S&P/ASX200 finished down 114 points to 6,582. On the future's market the SPI200's up 13.
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http://abnnewswire.net/lnk/3L0O60S2Turning to currencies, at 8:50AM the Aussie dollar was buying 92.08 US cents, On the crosses the dollar was buying 105.51 yen, 63.66 Euro cents, and 44.26 British pence.
To company news. It's now final, Australia's largest agricultural chemicals maker, Nufarm has become the latest acquisition in the global consolidation of the chemicals industry. It shares rose on the news 11.15 per cent to $17.34. The company has agreed to a $3 billion takeover offer from China National Chemical Corp and U.S. private equity firms. The deal creates the world's largest generic farm chemicals firm. It also the first time a mainland Chinese firm has teamed up with private equity for an overseas bid. Nufarm's profit highlight over the past five years was in 2007.
Wesfarmers has received overwhelming endorsement for its $20 billion takeover of Coles Group. But its shares fell yesterday 2.61 per cent to $42.13. The financial review reports the yes vote, by institutional and retail shareholders, exceeded 90 per cent at yesterday's deadline. But Wesfarmers still needs formal approval from Coles shareholders with a meeting being held in Melbourne tomorrow. Wesfarmers executives, who have the tough job ahead of them to resurrect Coles supermarkers, plan to start work inside the company from early next week. Wesfarmers best profit result over the past five years was in 2006.
To international markets, looking at the US markets on Monday, The Dow Jones Industrials finished 52 points lower, the S&P500 down 7 points and the Nasdaq composite also lower 15 points.
European stocks were weaker. London's FTSE down 69; Paris fell 36, and Frankfurt was down 42.
To Asian markets, where Hong Kong's Hang Sang down 1,526; Tokyo's Nikkei was down 249; and China's SSE Composite shed 143 points.
Back to the US, gold was up $2.30 to $810.80 US an ounce for the spot contract on Comex. Silver up 19 cents to $14.79, Copper was down 2 cents to $3.30.
And finally, Oil ending lower $1.95 to $93.98 US a barrel for December light crude in New York.
Source: Finance News Network © 2007
http://www.finnewsnetwork.com.au
