The weeks top movers were Argosy Minerals and BKM Management.
The S&P/ASX 200 (INDEXASX:XJO) closed higher this week, climbing 0.34 percent on Friday to hit 5,928.8 points. The rise came on the heels of a six-week trend of increases for the exchange, turning the ASX into one of the strongest global performers for the month, as per The Sydney Morning Herald.
Earlier in the week, on Wednesday, the ASX reached a high of 5,955.5 points before settling at 5,944.9 points for the day. That’s its highest close since May 2008.
Tony Brennan, Citi Research strategist, believes that gain was driven by anticipation of a board meeting at the Reserve Bank of Australia next week, which investors suspect will lead to another rate cut. “Although we’re wary of expecting the market to maintain a higher rating, we think it could persist for a while, as the economy continues to adjust to the end of the resources boom and interest rates remain low,” Brennan told the news outlet.
Of the week’s top movers, Argosy Minerals (ASX:AGY), an Australia-based mineral exploration company, took the top spot, increasing 100 percent to hit $0.002 for the week. BKM Management (ASX:BKM) hit the same price of $0.002, also climbing 100 percent. BKM is a diversified investment company with increasing interests in energy.
On the losing side, Syngas (ASX:SYS), an energy company, fell by 50 percent, landing at $0.001 for the week. It has a focus on coal and consumable fuels, with gasification technology and carbon management projects in Australia. Another drop came for Paramount Mining (ASX:PCP), which fell 34.62 percent to reach $0.017. Paramount is a mineral exploration and development company that’s focused on precious and base metals in Asia.