Monday, October 01, 2007

Another record high but sellers slept in

The sharemarket closed slightly softer after setting fresh intraday highs from some solid gains in earlier trade.
After peaking at lunchtime at 6605, 10.6 points above last Friday's record high, the ASX 200 index closed down 4.1 points at 6563.7. The All Ordinaries finished 1.1 points to 6579.8, having also set a fresh record intraday high at 6616.4.
On the Sydney Futures Exchange, the December share price index contract closed 23 higher at 6629 on a modest volume of 11,494 contracts.
EL&C Baillieu Stockbroking director Richard Morrow said trading conditions were thin, with a public holiday in NSW, Western Australia and South Australia.
Gold stocks were among the top performers, with Lihir Gold the best of the large gold companies, closely followed by Newcrest, he said.
"The Australian dollar is the most shocking standout outside of the market," Mr Morrow said.
"For it to be climbing above US89c is starting to look a little bit worrying for export sectors - it really does eat into margins.
"I think that is going to be a big factor later in the week when most Aussie domestic investors return to our market.
"Among the smaller companies, Innamincka Petroleum has made some very bullish announcements about oil in South Australia today, so their shares have had an interesting day with the stock hitting a high of $1.97. Almost 50 per cent of their issued capital changed hands today."
The share price more than tripled, jumping $1.105 to close at $1.495.
Shares in BHP Billiton hit a record high of $45.10, settling to close down 5c at $44.50, coinciding with the first day of new chief executive Marius Kloppers officially taking the reins from Chip Goodyear.
Rio Tinto nudged its all-time high of $109.92, reached last week, lifting to $109.89 before closing 62c higher at $108.84.
Commonwealth Bank gained 21c to $56.60, ANZ rose 9c to $29.61, as did National Australia Bank, to $39.80. St George was a penny higher at $35.40 but Westpac dipped 2c to $28.48.
Vaccines maker CSL announced it had received US regulatory approval to distribute its flu vaccine in the US, its shares jumping 50c to $107.80.
Beaconsfield Gold closed 3c higher at 34c as it said it expects to resume full production by the end of the year at its namesake gold mine in Tasmania after restrictions on the mine's operations were lifted by authorities.

Shares in DKN Financial Group dipped 2c to $1.67 after it said it would pay $3 million to clients who were advised by its former financial planning subsidiary to invest in failed property developer Westpoint.
The Australian Stock Exchange approved the terms of Wesfarmers' partially protected Shares to be issued to shareholders of Coles Group under the proposed takeover.
Wesfarmers shed 20c to $41.80 while Coles shares edged 2c higher to $15.42.
Other retailers were stronger, with Woolworths gaining 2c to $29.73, David Jones inching 1c higher to $5.11 and Harvey Norman finding 2c to $5.98.
The media sector was down, with Fairfax falling 1c to $4.71, PBL dipping 14c to $19.56 and News Corp shedding 25c to $26.45 while its non-voters were 26c lower at $24.96.
Woodside Petroleum closed 94c higher at $51.14, Santos was down 15c to $14.90, Oil Search lost 2c to $4.23 and AWE was up 3c to $3.48.
The goldminers were mixed, with Newmont losing another 2c to $5.09 but Newcrest jumped $1.10 to $29.10 and Lihir was up 18c to $4.12. Sino Gold, which had fallen to $5 last month, closed 44c higher at $7.96.
Waste treatment company Dolomatrix was more heavily traded than usual, with 8 million shares going through, pushing the price up 4.5c to 53.5c.
Total turnover was 1.05 billion shares worth $2.89 billion with 557 shares up, 567 down and 342 unchanged.

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