ASX Round-Up: Beach Energy, Fortescue Metals See Gains

- January 30th, 2015

Beach Energy and Fortescue Metals were the top gainers on the S&P/ASX 200 this past week.

The S&P/ASX 200 (INDEXASX:XJO) rose 1.6 percent this past week, hitting 5,588.3 points, according to The Sydney Morning Herald. The index saw its seventh straight session of gains, and rose 3.3 percent for the month. Currently, the sharemarket is at a four-and-a-half-month high, outperforming the S&P 500 (INDEXSP:.INX).

“The key thing to note is the resilience of our market,” Nader Naeimi, a portfolio manager at AMP Capital, told the Herald. “There is volatility globally but our market has bucked the trend. While mining stocks have fallen, the falling dollar provided cushion and the banks held up the market even after U.S. stocks fell, for example, when the Fed Reserve indicated they would raise interest rates.”

Beach Energy (ASX:BPT), an oil and gas company, was the top gainer on the index on Friday, rising 6.67 percent to $0.96. Iron ore producer Fortescue Metals Group (ASX:FMG) also gained, rising 5.83 percent to trade at $2.36.

One faller on the ASX was gold miner Beadell Resources (ASX:BDR), which lost 9.52 percent to hit $0.285. In addition, Evolution Mining (ASX:CAH), also a gold company, fell, losing 9.09 percent and hitting $0.90.

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