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ASX Round-Up: Market Rises Amidst Concern About Resource Stocks
Jan. 09, 2015 11:30AM PST
Resource Investing News The S&P/ASX 200 rose 1.6 percent on Friday, hitting 5,465.6 points. That erased the week’s losses and brought the sharemarket to a 0.6-percent gain for the week.
The S&P/ASX 200 (INDEXASX:XJO) rose 1.6 percent on Friday to 5,465.6 points, erasing the week’s losses and bringing the market to a 0.6-percent gain for the week, according to The Sydney Morning Herald. So far in the year, the market has lifted 1 percent, which is equal to the amount it gained over the whole of 2014.
“What we’ve seen this week is a continuation of what we saw last year – a lot of nervousness,” Credit Suisse analyst Damien Boey said. “Resources (sic) stocks look cheap in many regards but obviously a lot of that is contingent on the underlying commodity price.”
Base metals and gold explorer Bass Metals (ASX:BSM) gained 50 percent to trade at $0.003 on Friday, possibly benefiting from a rise this week in iron ore prices. Cougar Metals (ASX:CGM), an explorer working in Brazil, gained 50 percent to trade at $0.003 as well. Finally, Western Australian gold explorer Mount Magnet South (ASX:MUM) gained 50 percent to trade at $0.003.
On the market’s downside, copper, gold and uranium company Argo Exploration (ASX:AXT) lost 58.33 percent to trade at $0.01. Carajas Copper Company (ASX:CJC), an exploration company working in Mongolia, lost 50 percent to trade at $0.001.