ASX Round-Up: ASX Drops on Profit Taking

The Australian Securities Exchange (ASX) fell 38.5 points, closing the week down at 5,113.86 points. The market struggled as profit taking affected big banks and resource companies, according to The Sydney Morning Herald. Some analysts also believe the decline can be attributed to a poor showing on Wall Street earlier in the session. As profit sharing hurt the ASX, however, gold stocks managed to remain unharmed.

Newcrest Mining (ASX:NCM), one of the world’s largest gold mining companies, is a good example. It moved up $0.48 today, or 3.97 percent, to reach $12.571. Australia-based gold production and exploration company Regis Resources (ASX:RRL) also fared well on the ASX, jumping $0.11 to $3.956.

Prices for international mining and materials company Arrium (ASX:ARI), on the other hand, dropped today, hitting $1.044, a fall of $0.065. Mineral Resources (ASX:MIN), a mining services, contracting, processing and commodities production company based in Australia, also declined $0.26, to $10.44.

Higher metals prices boosted the gold companies on the ASX today. The rest of the market fell on both sides of the spectrum amid a mix of positive Eurozone data and negative Wall Street earnings.