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The S&P/ASX 200 slid 0.09 percent on Friday to close at 5,898.5, with Intra Energy and Maximus Resources seeing gains in the resource sector.
The S&P/ASX 200 (INDEXASX:XJO) slid 0.09 percent on Friday to close at 5,898.5. That capped a week of steady declines during which the market fell 0.5 percent.
The Australian Reserve Bank did not lower interest rates during Tuesday’s meetings, keeping them at 2.25 percent. That, in combination with falling global commodities prices, led investors away from safe havens and toward stocks that offer high-potential yields. “Our market is still yield-driven and with commodity prices still under pressure it’s still favoring yield stocks,” said David Bassanese, chief economist for BetaShares, to The Sydney Morning Herald.
The exchange’s biggest gainer was Intra Energy (ASX:IEC), whose share price grew 150 percent on Friday to close at $0.02. The company maintains a collection of African coal mining assets and released its half-year financial results on March 6. Revenue grew 83 percent and the company increased sales volume by 96 percent during the second half of last year. Maximus Resources (ASX:MXR), which operates several Australian polymetallic mining projects, posted the exchange’s second-biggest daily gain. Its share price closed at $0.004 for a daily gain of 100 percent.
On the downside, Ark Mines (ASX:AHK), which develops projects in the Lachlan Fold Belt, saw its share price drop 85.71 percent to reach $0.01. Gold miner Middle Island Resources (ASX:MDI) suffered the day’s second-largest losses, with a 46.15-percent drop bringing its share price down to $0.006.