ASX Round-Up: ASX Hits Highest Level Since 2008

The Australian Securities Exchange (ASX) finished the week on a high note, hitting its highest level since mid-2008 today, according to The West Australian. After opening at 5,294.5 points, the market ultimately closed up at  5,307.06 points.

The market has gained ground in the past two days because investors are optimistic that the US government will come to an agreement over the federal budget. “Obviously, there is some concern about whether Republicans and Democrats will come to an agreement over the budget this weekend,” The West Australian quotes Rivkin global analyst Tim Radford as saying, “[b]ut I think markets can see they will come to an agreement, they (Congress) won’t let the federal government shutdown.”

WorleyParsons (ASX:WOR), which provides services and resources to the energy industry, experienced the highest gains on the ASX today. The company increased 3.04 percent, rising $0.72 to reach $24.40. AGL Energy (ASX:AGK), a company engaged in buying and selling gas and electricity and developing gas production and storage facilities, also increased today, rising to $15.68, an increase of $0.25, or 1.63 percent.

As well, energy exploration company Aurora Oil & Gas (ASX:AUT) gained 1.49 percent, or $0.05, to reach $3.41 on the ASX today.

Newcrest Mining (ASX:NCM,TSX:NM) was among the few companies that experienced declines on the ASX today. The gold, silver and copper producer lost $0.41, or 3.45 percent, to hit $11.47.