Aust Market Wrap, (ASX: CSM), (ASX: TAP), (ASX: BHP), (ASX: TEN)

After four straight positive sessions, the market has ended the week on the other side of the ledger. U.S. exposed firms such as CSL led the market down, while IAG also weighed on the market producing some weaker-than-expected earnings.

Today the S&P/ASX 200 Index closed down 71 points to 6089, but is up 418 points on the week. On the futures market the SPI 200 lost 93 points.

Looking to US indices now, the Dow Jones industrial Index climbed 157 points over the four day trading week. The S&P 500 managed 17 points, the NASDAQ gained 37, and the 100 index lifted 43 points.

The full report is available at the following video and audio links.

Video Link

http://acnnewswire.net/fnnlnk/6J436F8K


Audio Link

http://acnnewswire.net/lnk/L5734F0N


Turning to company news, Consolidated Minerals has returned to profitability. Today the company reported a $31 million full year profit, that compares to last year's $6.5 million loss. The company has been able to turn around its operational performance and says the outlook is strong for all of its core businesses, given increased commodity prices. Consolidated Minerals has so far received takeover proposals from both Pallinghurst Resources and Territory Resources. To date, the company has indicated its preference to form a deal with private firm Pallinghurst. Shares in Consolidated Minerals ended the session 4.17% higher at $3.75, gaining 13.98% on the week.

And a war of words has broken out between Tap Oil and a group of shareholders. The oil and gas explorer says the group, which includes former Alinta management, is trying to get control of the company. Tap Oil has never paid a dividend and its shares were trading around $1.78, compared to $1.50 at the end of 2006. Its management says it must pump money into financing its operations. The group of shareholders say while they are being patient, it seems reasonable to expect some return at some time or to demand change. Chief executive Paul Underwood has challenged the group to either launch a bid or let the board do its job. Shares in Tap Oil ended the session 0.57% lower at $1.74, but gained 12.26 per cent on the week.

Taking a look at some of the week's main stories, BHP Billiton posted a solid increase in second-half profits to a record $US13.675 billion. Surging demand for copper, iron ore and coal fuelled the rise, with the company counting on continued demand from Asia. The world's biggest miner anticipates commodity prices will remain high, and is forecasting volume growth in petroleum, base metals, iron ore and stainless steel. Company officials say they don't expect to be affected by the global credit squeeze or a slowdown in the US economy. BHP has earmarked $20 billion for new projects and will look at making more acquisitions. Shares in BHP Billiton ended the session 2.92% lower at $36.60, but are up 12.82% on the week.

A decision announced by the Federal Treasurer during the week has meant CanWest can now convert its economic stake in Ten Network Holdings into shares. The move was brought on by the Foreign Investment Review Board and removes the ownership structure that prevented the Canadian owners from achieving foreign ownership of the broadcaster. Treasurer Peter Costello says he had no objection to CanWest Global Communications taking the approximately 56 per cent stake in Ten Network Holdings. Ten Network chief Nick Falloon has welcomed the decision. The network says the exchange arrangement will be completed by the end of the month. The Ten Network competes with Channels Nine and Seven for free to air space, with the Seven Network this week consolidating itself as the more profitable broadcaster. Shares in Ten Network Holdings ended the session 2.25% lower to close at $2.61, but are up 3.98% on the week.

And now to today's best and worst performers. One of the best performing indices was the Energy index gaining 18 points to 13,345, while the worst performing index was the Materials index slipping 310 points to 12,979.

Commander Communications was the standout performer in the S&P/ASX top 200 today adding 10.11% to 98 cents; Paperlinx and Consolidated Minerals also managed to gain ground.

At the other end of the index; Pacific Brands was the worst performing stock losing 8.48% to $3.02; Insurance Australia Group and Minara Resources also finished lower.

The Aussie dollar is currently fetching 82.01 U.S cents and is up just over two cents on the week.

Gold is trading at $659.10 U.S an ounce and gained $2.20 on the week's trading.

And finally, oil moved 3 cents higher to $69.86 U.S a barrel and is down $1.90 on the week.


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

Finance News Network (FNN) has been producing up-to-date concise business and finance news tailored to traders and investors alike since 2002. FNN content reaches a diverse and constantly growing audience via online streaming video, Street Vision broadcasts and the Telstra 3G mobile phone network.
http://www.finnewsnetwork.com.au


Source:
ACN http://www.acnnewswire.net

Copyright (C) 2007 ACN Newswire. All rights reserved.