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The Australian Securities Exchange dropped 83.2 points today, hitting 5,329.4 points. Over the past week, the exchange has lost a total of 132.9 points, or 2.4 percent.
The Australian Securities Exchange (ASX) dropped 83.2 points today, hitting 5,329.4 points. Over the past week, the ASX has lost a total of 132.9 points, or 2.4 percent.
Investors were discouraged by weak Chinese economic growth and escalating tension in Ukraine, as per The Sydney Morning Herald. “The reporting season was pretty strong, but investors are saying ‘well, what’s going to be the thing to send the market forward into the future?’ and there’s not a lot on the horizon, other than economic data flow to grab hold on,” Mike Kendall, executive director at JBWere Wealth Management, told the publication. “And that’s notoriously unpredictable.”
Faring well today on the ASX was Alacer Gold (ASX:ASR). It was the top gainer, rising 2.84 percent, or $0.13, to trade at $3.52. The company explores for and produces gold in Turkey and Australia.
On a less positive note, Atlas Iron (ASX:AGO) dropped significantly today, losing 6.67 percent, or $0.065, to trade at $0.91. The company explores for, develops, mines and sells iron ore. It operates in Western Australia and is currently in the process of acquiring and developing more projects.