ASX Round-Up: Oil and Gas Help Lessen the Blow

The S&P/ASX 200 (INDEXASX:XJO) fell 11.9 points, or 0.22 percent, to 5,304.3 points on Friday, achieving its worst weekly loss since May 2013, according to The Sydney Morning Herald.

Resource companies suffered as the price of iron ore delivered at the port of Qingdao in China fell, dropping to near $70 per tonne. Chris Ellison, managing director of Mineral Resources (ASX:MIN), told the Herald that the price is approaching the point where his company will have to place its mines on care and maintenance.

Despite the overall drop and particular hit to the resource sector, some companies in the industry performed well, including Beach Energy (ASX:BPT). The oil and gas company gained 8.37 percent to trade at $1.10, while Horizon Oil (ASX:HZN) gained 6.82 percent to trade at $0.24 on Friday.

One of the resource companies that lost in the market on Friday was Atlas Iron (ASX:AGO), which struggled alongside iron ore prices to fall 6.98 percent, to $0.20. Gold and base metals explorer Sandfire Resources (ASX:SFR) fell too, losing 3.39 percent to trade at $4.85.