ASX Round-Up: Energy Drags Market Down, Falls to 5,219.6 Points

On Friday, the S&P/ASX 200 (INDEXASX:XJO) fell 0.22 percent, or 11.4 points, to 5,219.6 points, according to The Sydney Morning Herald. Energy was the worst-performing industry on the market for the week, and the resource sector is struggling as well.

“You’ve got to really say, ‘where do I put my money? Do I go for higher yield, lower for longer?'” Paul Kasian, head of asset management at Equities Trustees, told the Herald. “And, you’ve got to buy U.S. dollar exposure because this low oil price will stimulate the U.S. economy, because they don’t have all these taxes, that low oil price will flow through to petrol prices.”

Despite the issues the energy market has been having, Senex Energy (ASX:SXY) was the top gainer for the day on Friday. The Australian oil and gas company, which has a large position in the Cooper Basin, gained 8.51 percent, or $0.02, to trade at $0.255.

The stock that lost the most on Friday was BC Iron (ASX:BCI), which slumped 8.75 percent, or $0.035, to trade at $0.365.