Following mixed leads, the Australian share market opened flat and has edged 0.3 per cent higher in morning trade.
The S&P/ASX 200 index is 19 points up at 4,083. On the futures market the SPI is 17 points higher.
Economic news
National Australia Bank has reported business conditions are at a three year low. Business confidence fell to minus 2 points in May from 4 in April.
Company news
Echo Entertainment Group Limited (ASX:EGP) has entered into a trading halt today, pending the announcement of a proposed capital raising. Echo is reportedly seeking to strengthen its position and prepare itself against a potential takeover by its two biggest shareholders Crown Limited (ASX:CWN) and Asian gaming giant Genting. Shares in Echo last traded at $4.49.
Ausenco Limited (ASX:AAX) has received a Letter of Intent from Anglo American to provide early phase work for the Minas Rio iron ore project in Brazil. The engineering company will commence work on the pre-feasibility study which is due for completion early next year.Shares in Ausenco are trading up 1.54 per cent at $3.30.
Best and worst performers
The best performing sector is Industrials gaining 40 points to 3,300. Shares in Qantas Airways Limited (ASX:QAN) have risen 9.02 per cent and trading at $1.06. Shares in Downer EDI and Seek are also stronger.
The worst performing sector is Real Estate Investment Trusts, falling 3 points to 867. Shares in Westfield Group(ASX:WDC) have fallen 1.58 per cent and trading at $9.37. Shares in Stockland and Charter Hall Group are also lower.
Gold and the dollar
Gold is trading at $1,594.73 an ounce and the Australian dollar is buying $98.94 US cents.
