ASX Round-Up: A Week of Gains for Banks and Resource Companies

The Australian Securities Exchange (ASX) rose 16.8 points today, reaching a total of 5,366.9 points, according to The Sydney Morning Herald. The rest of the week was much the same, with the ASX rising 28.8 points, or 0.5 percent, over the week as a whole.

Banks and resource companies were the most successful. Explaining that outcome, Brad Potter, a portfolio manager at Tyndall Asset Management, told the news outlet, “[t]he biggest ASX-listed resource producers are offering better value than they were a month ago due to the concern among international investors about Chinese demand strength.”

One company that fared well was Drillsearch Energy (ASX:DLS), which is engaged in oil and gas exploration and development. Today it rose 6.33 percent, or $0.10, to trade at $1.68. Similarly, Resolute Mining (ASX:RSG), a company that produces gold, today rose 4.59 percent, or $0.025, to trade at $0.57.

On the other side of the market, gold producer and explorer Beadell Resources (ASX:BDR) lost 4.06 percent today, sinking to $0.59.