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Date Posted: 00:03:18 03/23/10 Tue
Author: Last Update: Wednesday, May 23, 2007. 5:38pm (AEST)
Subject: failed takeover offer of $5.45.

Last Update: Wednesday, May 23, 2007. 5:38pm (AEST)
Finance sector, Qantas boost market
The Australian sharemarket has been boosted by gains by Qantas and the finance sector.

The All Ordinaries Index is up 19 points to 6,369.

The ASX 200 has picked up 16 points to 6,355.

It has been a tough year for AWB and there was more bad news for shareholders today.

The wheat exporter has posted a 71 per cent drop in half-year profits to less than $12 million.

The result was affected by the drought, legal costs associated with the Iraqi oil-for-food scandal and under-performance among some of its business units.

Yesterday the Government also stripped AWB of its export monopoly, although the marketing system will still be managed by a single desk.

AWB's shareholders seemed unfazed by the results, and it tacked on 2 per cent to $3.40.

The Australian fund manager Platinum Asset has made a spectacular debut on its first day trading on the stock exchange.

Platinum's shares were issued at $5, and opened 70 per cent above that. It closed up $3.80 to $8.80.

Law firm Slater and Gordon has also improved since floating on Monday, adding 4 per cent to $1.67.

Qantas has shot up to just shy of the failed takeover offer of $5.45.

The Qantas board had warned that the airline's share price would plummet if the Airline Partners Australia bid did not go through, but it has held its ground.

Qantas added 10 cents to $5.42.

Rio Tinto and Woodside Petroleum have climbed 2 per cent despite lower oil prices.

Uranium company Energy Resources Australia shed 5 per cent after the traditional owners of Jabiluka said they still oppose the uranium mine.

At 5pm today, spot gold was fetching $US660 an ounce. A barrel of West Texas crude oil was $US64.91.

The Australian dollar was buying 82.1 US cents, 61 euro cents, 41.6 British pence and 99.9 Japanese yen.

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