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The S&P/ASX 200 dropped 0.38 percent to reach 5,881.6 points at the end of a week that was dominated largely by earnings. Peak Oil & Gas and Syngas were the week’s top gainers.
The S&P/ASX 200 (INDEXASX:XJO) dropped 0.38 percent to reach 5,881.6 points at the end of a week that was dominated largely by earnings, according to The Sydney Morning Herald.
“We’ve had some good company reports but because the market’s had such a strong run the [price to earnings] multiples are looking very full as well,” Catherine Allfrey, portfolio manager for Wavestone Capital, told the news outlet. “So unless a company delivers above expectations, then they are slammed by investors. The multiples are just so full on a lot of stocks.”
Peak Oil & Gas (ASX:PKO), a diversified energy company with a petroleum exploration and production focus, was the week’s top gainer, rising 200 percent to reach $0.003. Syngas (ASX:SYS) took the second spot, gaining 100 percent to hit $0.002 for the week.
The losers for the week include Chongherr Investment (ASX:CDH), a major quarrier, manufacturer and exporter of Helidon sandstone, which dropped 57.14 percent to hit $0.003. Mission NewEnergy (ASX:MBT) dropped 50 percent and landed at $0.13. Mission NewEnergy is a renewable energy company with biodiesel refining.