The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) fell by 5.6% last week, to close at 4026.5, as ongoing issues in Europe continue to dog the market.
These three stocks managed to top the S&P / ASX 300 Index (Index: ^AXKO) (ASX: XKO) list of risers, although takeover offers certainly help.
Industrea Limited (ASX: IDL) rose 45.6% to close at $1.23, after receiving a takeover offer from US giant General Electric (NYSE: GE), valuing the shares at $1.27. Mining equipment manufacturers appear to be all the rage, with Danish company FL Smidth taking over Ludowici Limited (ASX: LDW) in March 2012, and Essa Australia Limited (ASX: ESS) in 2011. Could Bradken Limited (ASX: BKN) be next?
Hastings Diversified Utilities Fund (ASX: HDF) was up 12.8% to close at $2.38, after receiving two bids for the business. Pipeline Partners Consortium made a bid of $2.38 a share on Tuesday, trumping rival APA Group’s (ASX: APA) bid of $2.06. Investors are obviously hoping for a higher bid, with the share price closing higher than the latest bid.
Buru Energy Limited (ASX: BRU) gained 5.4% to close at $2.75, continuing its strong run over the last 6 months. The share price is up 150% since November 2011, thanks to the first significant oil discovery in the Canning Superbasin of Western Australia since the 1980s. The oil field appears large and therefore has potential to contain significant reserves. Buru holds over 83000 square kilometres over the most prospective parts of the Superbasin. An independent assessment 2 weeks ago estimates that the Valhalla area of the Superbasin could hold up to 15 trillion cubic feet of gas and 432 million barrels of liquids.
Other notable risers for the week included Growthpoint Properties Australia (ASX: GOZ) up 4% to $2.15; Australian Agricultural Company Limited (ASX: AAC) up 2.5% to $1.24 and STW Communications Group Ltd (ASX: SGN) up 2.1% to 96 cents.
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Motley Fool contributor Mike King doesn’t own shares in any companies mentioned. The Motley Fool‘s purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.