Despite a soft ending to the US trading week on Friday the Australian share market has lifted almost 0.5 per cent led up by the energy sector.
The S&P/ASX 200 index is 19 points up at 4,492. On the futures market the SPI is 18 points higher.
Company news
Exploration company Endocoal Limited
(ASX:EOC) has attracted a $71 million takeover offer by a Chinese based coal group. The offer has been unanimously recommended by Endocoal’s board. The offer from U&D Mining is subject to a number of conditions, including approval by regulators in Australia and China and by Endocoal's shareholders. Shares in Endocoal have soared 41.30 per cent at $0.33.
Ceramic Fuel Cells Limited
(ASX:CFU) has welcomed a subsidy scheme for micro combined heat and power products in the German state of North-Rhine. The new scheme will see the local government pay a capital subsidy to commercial customers who install heat and power products of less than 50 kilowatts. The dual listed developer of small generators recently revealed cost cutting measures and an organisational change to focus on Europe where it forecasts significant sales growth. Shares in Ceramic Fuel Cells are trading up 5.13 per cent at $0.08.
Best and worst performers The best performing sector is energy gaining 111 points to 12,611. Shares in Aquila Resources Limited
(ASX:AQA) have risen 3.33 per cent and trading at $2.79. Shares Linc Energy and Paladin Energy are also stronger.
The worst performing sector is health care, falling 22 points to 10,453. Shares in Resource Generation Limited
(ASX:RES) have fallen 2.63 per cent, trading at $0.37. Shares in Mesoblast and Acrux are also lower.
Gold and the dollar
Gold is trading at $US1,714 an ounce and the Australian dollar is buying $US1.035.
