A sinking iron ore spot price and an attack on oil fields in Iraq pushed the Australian Securities Exchange to a lower finish this week.
The Australian Securities Exchange (ASX) closed at 5,405.1 points today. Shares posted a major drop this week after an attack on oil fields in Iraq raised the possibility of war in that country, according to The Sydney Morning Herald.
Still, a number of mining companies gained on the ASX today. Drillsearch Energy (ASX:DLS), a company that explores for, develops and produces oil and gas interests, saw its stock rise by $0.10, or 6.87 percent, to close at $1.55. Drillsearch was the top performer on the market, and announced this Thursday that it has acquired a 19.9-percent interest in Ambassador Oil and Gas (ASX:AQO).
Also gaining was Whitehaven Coal (ASX:WHC), a company engaged in developing and operating coal mines in New South Wales. It rose by $0.06, or 3.93 percent, to end at $1.46, while gold-focused Evolution (ASX:EVN) saw a stock price increase of $0.03, or 3.68 percent, closing at $0.85.
In terms of companies that fell, it was iron producers taking the hit this week. Aquila Resources (ASX:AQA), which mines coal, iron ore and manganese and is facing bids from Baosteel and Mineral Resources (ASX:MIN), fell in share value by $0.44, or 12.43 percent, to close at $3.10. Similarly, BC Iron (ASX:BCI), which mines, crushes and exports iron ore in Western Australia, dropped by $0.26, or 7.83 percent, to close at $3.06. Finally, Australian iron producer Fortescue Metals Group (ASX:FMG) fell $0.27, or 6.24 percent, to reach $4.06.