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After a rocky start, the ASX ended the week with a second straight day of gains.
The Australian Securities Exchange (ASX) finished the week of July 5 on a second straight day of gains after a volatile start. The market closed today at 4,841.7 points, a 47 point, or 0.98 percent increase from the last close.
According to the Sydney Morning Herald, intentions to stimulate the economic growth in Europe boosted the confidence of investors, who are also waiting to hear economic news from the United States.
“It’s quite encouraging that we are seeing some solid support on the Australian share market and not people running scared ahead of the release of those numbers,” CommSec analyst Juliette Saly told The Sydney Morning Herald.
Arrium (ASX:ARI) had the biggest gain of the week among mining companies on the ASX, increasing by $0.03 to close at $0.83. This marks a 3.75 percent improvement for the international mining and materials company. Arrium, formerly OneSteel Limited, exports steel from its Middleback Ranges mining operation in South Australia.
The largest loss of the week was experienced by Newcrest Mining (ASX:NCM), an exploration, mine development and operating company that produces and sells gold and gold/copper concentrate. The company fell $0.25 to end the week at $10.72.