ASX Round-Up: Index Moves Up, Resource Companies Move Down

- October 24th, 2014

On Friday, the S&P/ASX 200 rose 29.1 points, or 0.54 percent, to end the week at 5,412.2 points

On Friday, the S&P/ASX 200 (INDEXASX:XJO) rose 29.1 points, or 0.54 percent, to end the week at 5,412.2 points, according to The Sydney Morning Herald. Over the week as a whole, the index rose 2.7 percent for a second consecutive week of gains. Official data on Australian inflation shows it fell 2.3 percent year-over-year in the September quarter, supporting the Reserve Bank of Australia’s choice to keep low interest rates.

“Long term, the outlook for the Australian equity market remains solid so it is important investors look through the recent increase in volatility,” Sam Sicilia, HOSTPLUS Super chief investment officer, told the Herald.

No resource stocks were amongst the top 10 gainers on the ASX 200 this week, despite the index’s general increase.

Resource companies on the list of losers include gold producer Northern Star Resources (ASX:NST), which lost $0.11, or 7.84 percent, to trade at $1.24. Rare earths production company Lynas Corporation (ASX:LYC) also fell, dropping $0.005, or 6.85 percent, to trade at $0.068. Finally, Beadell Resources (ASX:BDR), a gold producer, fell $0.015, or 4.35 percent, to trade at $0.33.

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