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ASX Round-Up: Cash Rate Helps Market Rise 5,549.1 Points
Nov. 07, 2014 11:05AM PST
Resource InvestingThe S&P/ASX 200 rose 43 points on Friday to secure its fourth week of gains. Beadell Resources and Paladin Energy were among the resource companies that saw solid gains.
On Friday, the S&P/ASX 200 (INDEXASX:XJO) rose 0.78 percent, or 43 points, reaching 5,549.1 points and ending a fourth week of gains, according to The Sydney Morning Herald.
The Reserve Bank of Australia made the decision on Tuesday of this week to keep the cash rate at the current record low of 2.5 percent, according to the Herald. “The domestic economy is set for a slow grind,” Australian Ethical portfolio manager Mason Willoughby-Thomas told the news outlet. “Aside from strength in the housing and mortgage market there is no reason at present for the RBA to change their view that rates are still on hold for a considerable time.”
Beadell Resources (ASX:BDR) benefited from the market’s rise, gaining 8.51 percent, or $0.02, to trade at $0.255 on Friday. A gold producer, Beadell works in Australia and Brazil. Uranium company Paladin Energy (ASX:PDN) also did well, rising 8.2 percent, or $0.025, to trade at $0.33.
On the losing side were a few resource companies, including Resolute Mining (ASX:RSG). The gold producer lost 13.46 percent, or $0.035, to trade at $0.225 on Friday.