Aust Market At Midday, (ASX: AMC), (ASX: IPL), (ASX: DXL)

Australian shares have fallen in morning trade as financial firms such as Macquarie Bank fell along with firms with exposure to the U.S. on concerns about the health of the world's biggest economy.

At Midday the S&P/ASX200 index has fallen 111 points to 6,066 and on the futures market the SPI 200's down 112.

In company news this hour, Australian packaging company Amcor this morning reported a 2.2 per cent fall in full year profit due to a higher Australian dollar and energy costs, but announced a share buyback and shares are trading higher. Amcor, the world's top maker of plastic bottles, said full year net profit was $397 million compared to a net profit before one off items of $405.9 million a year earlier and tipped stronger earnings for its key divisions as it winds up a three-year restructure plan. Amcor shares are 4.84% higher at $7.36.

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Incitec Pivot said this morning it had acquired a 13 per cent stake in Australian explosives maker Dyno Nobel, sending Dyno's shares up 18 per cent on takeover hopes. Incitec said it bought the shares at an average price of $2.35 per share in a deal worth $250 million and also said it will be seeking to explore further opportunities in discussions with the board and management of Dyno. Incitec Pivot shares are 4.42% lower at $66.00, while Dyno Nobel shares are 15.12% higher at $2.36.

Now let's have a look at warrants from Macquarie Bank. A pull-back in BHP Billiton has inspired traders in the warrants' market to buy in anticipation of a recovery, with large volume seen in BHPWME Sep07 $35.50 Call and smaller interest seen in BHPIMJ Dec07 $28.00 Instalment.

Babcock & Brown shares have been hit again today as investors continue to exit the stock on fears that a worsening credit outlook will dampen earnings. Traders that like the volatility have been active in twisting a number of warrants, with long positions opened in BNBIMS January 2008 $20.00 Deferred Instalment.

Turning now to market indices, all the indexes are down this morning but the one posting the smallest loss by percentage points is the Health Index, down 79 points at 8,726. Shares in Pharmaxis advanced 6.23% to $3.92. IBA Health is higher after it reported this morning that its rival in the bid for British software firm iSoft Group, Germany's CompuGroup, will not be raising its bid above IBA's bid. Resmed shares are also higher.

The Property Trust index is the worst performing index by percentage points and has lost 53 points to 2,366. Valad Property shares have fallen 3.81% to $1.895. Centro Property and Goodman Group have also lost ground.

In Tokyo, the Nikkei is 412 points in the red and in New Zealand the NZSX50 is down 41.

Gold is currently trading at $662.30 U.S an ounce and one Australian dollar's buying 80.64 U.S cents.


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