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Mining companies on the ASX saw major gains thanks to positive manufacturing data from China.
The Australian Securities Exchange (ASX) rose 47.7 points to 5,123.40 points Aug. 23. The market hit a high of 5,142.10 points and finished the week 9.5 points ahead, The Sydney Morning Herald reported.
Mining companies on the ASX saw major gains thanks to positive manufacturing data from China, according to the source.
”You go back three or four months and there were some concerns that China wasn’t going to grow,” said Bill Chatterton, RBS Morgans senior private client adviser. “Irrespective of commentary from some of the political areas … saying the mining boom is dead, it’s not.”
Australia-based mining company Newcrest Mining, Ltd. (ASX:NCM) increased 5.32 percent or $0.66 to $13.06. Regis Resources (ASX:RRL), a Western Australia gold miner, also saw gains, increasing $0.20, or 5.13 percent, to $4.09.
Oil and gas explorer Beach Energy Limited (ASX:BPT) also increased by 4.87 percent or $0.06 to $1.40 on the ASX. Global zircon producer Iluka Resources Limited (ASX:ILU) saw gains of $0.47 to $11.42, representing a 4.29 percent increase.