ASX Round-Up: Index Enjoys 12 Days of Gains

The S&P/ASX 200 (INDEXASX:XJO) rose 0.16 percent this past week to reach 5,820.2 points, according to The Sydney Morning Herald. Meanwhile, the ASX has seen a record-breaking 12-day increase.

That movement came as the Reserve Bank moved on Tuesday to cut interest rates for the first time in 18 months. It reduced the cash rate to 2.25 percent, which caused investors to search for dividends in the sharemarket, the Herald states.

“The only thing giving people any money is the equity market,” the news outlet quotes Paul Kasian, chief investment officer for Equity Trustees, as saying. “Nothing else is paying you any income. Playing yield is the only game in town that gives people income.”

The low oil price also provided a significant boost for equities and overall confidence.

Foyson Resources (ASX:FOY), a mineral exploration company, was a top gainer on the index on Friday, rising 50 percent to hit $0.003. Gold-focused MOD Resources (ASX:MOD) also rose 50 percent, reaching $0.006.

Of those that fell this week on the ASX, Laconia Resources (ASX:LCR) dropped 50 percent to $0.001.Triangle Energy (ASX:TEG) also dropped 50 percent to reach $0.001.