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ASX Round-Up: Mining Companies Help ASX Recover from Fall
Jan. 17, 2014 11:30AM PST
Resource InvestingOn Tuesday, the Australian share market saw its worst one-day drop since September 2013, but increased interest in mining stocks led to a recovery later in the week.
On Tuesday, the Australian share market saw its worst one-day fall since September 2013, according to The Sydney Morning Herald. However, “renewed interest in mining stocks” led to a recovery as the week drew to a close, and today, the Australian Securities Exchange (ASX) dropped just 3.2 points, or 0.06 percent, to 5,305.9 points.
Paladin Energy (ASX:PDN) was today’s top gainer on the ASX, increasing $0.065, or 13.13 percent, to a price of $0.56. The company rose 25 percent over the course of the entire week in the wake of “achiev[ing] important debt refinancings on African mines,” as per The Sydney Morning Herald.
Beadell Resources (ASX:BDR), a gold-focused company operating in Australia and Brazil, today gained $0.035, or 4.54 percent, closing at $0.835. Similarly, Evolution Mining (ASX:EVN), an Australian gold company, gained $0.025, or 4.38 percent, closing at $0.60.
On the flip side of the equation, Buru Energy (ASX:BRU), an oil and gas exploration and production company, lost $0.075, or 3.7 percent, to close at $1.955 today.