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With a strong set of leads from Wall Street the local market gained on open and is 1 per cent up at noon.
Gains were led by the much maligned energy sector as bargain hunters swooped on stocks that have faced a battering from falling oil prices. Santos is up almost 2.5 per cent and Woodside Petroleum gained 2.6 per cent.
The S&P/ASX 200 index is 54 points up at 5,435. On the futures market the SPI is 56 points higher.
Economic news
The ABS has shown weak growth in retail sales of only 0.1 per cent in November. The seasonally adjusted figure fell short of analysts expectations.
Company news
Prophecy International Holdings Limited (ASX:PRO) has seen its share price jump after announcing positive preliminary financial results for the first half of the financial year. The software company says sales are up 85 per cent and that operating profit is expected to be at record levels for the first half. Shares in Prophecy are trading up 13.33 per cent at $0.51.
Biofuel company Algae Tec Limited (ASX:AEB) has reached agreement with China Finance Strategies (CFS) to issue bonds and enter the Chinese market. The Perth based company says it hopes to issue $US5 million of options to CFS and to utilise its expertise in the green energy sector in China. Managing Director Peter Hatfull says the development is exciting given the recent Chinese commitments with the US to curb greenhouse gas emissions. Shares in Algae Tec are trading up 5.33 per cent at $0.08
Best and worst performers
All major sectors are up today. The best performing sector is energy, gaining 2.1 per cent to 11,098. Shares in Sundance Energy Australia Limited (ASX:SEA) have risen 5.32 per cent and trading at $0.49. Shares in Beach Energy Limited (ASX:BPT) and AWE Limited (ASX:AWE) are also stronger.
The sector with the least gains is utilities, gaining 0.08 per cent to 6,026. Shares in Spark Infrastructure Group (ASX:SKI) have fallen 0.7 per cent, trading at $2.12. Shares in DUET Group (ASX:DUE) and APA Group (ASX:APA) are also lower.
Gold and the dollar
Gold is trading at $US1,210 an ounce.
The Australian dollar is buying $US0.8119.
(20min delay)