Stocks experienced a major drop today on the Australian sharemarket, but some companies still managed to post gains.
Stocks experienced a major drop today when the Australian Securities Exchange (ASX) fell 76.5 points. According to The Sydney Morning Herald, the decline, which was caused by concern about Argentina’s bond default as well as continued issues in Ukraine and Russia, “wiped out” any gains made by the sharemarket this past week.
A few companies did manage to do well, with Sirius Resources (ASX:SIR), which focuses on nickel, copper and gold, growing by $0.08, or 2.04 percent, to reach $4.01 per share. Atlas Iron (ASX:AGO), which mines in Western Australia’s Northern Pilbara region, increased by $0.01, or $1.56 percent, to hit $0.65 per share. Similarly, Evolution Mining (ASX:EVN), a company that mines for gold and silver in Queensland and Western Australia, rose by $0.01, or 0.64 percent, to reach $0.79.
Not faring so well was rare earths-focused Lynas Corporation (ASX:LYC), which fell by $0.03, or 17.65 percent, reaching $0.14. Medusa Mining (ASX:MML), which produces gold in the Philippines, fell by $0.11, or 6.31 percent, to reach $1.56, while iron-focused Fortescue Metals Group (ASX:FMG) sank by $0.24, or 4.88 percent, to reach $4.68.