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The S&P/Australian Securities Exchange 200 rose 0.32 percent or 16.80 points to 5271.7 points on Friday, according to The Sydney Morning Herald.
The S&P/Australian Securities Exchange 200 rose 0.32 percent or 16.80 points to 5271.7 points on Friday, its largest gain in two months reports the Sydney Morning Herald. Investors rushed to purchase oversold shares, according to the Herald, giving the market a boost.
“We’ve been concerned for some time that markets were being too complacent about the state of the world, and our portfolios have been quite defensively positioned, in some cases very defensively,” Brian Parker, NAB Asset Management head of portfolio specialists, told the Herald.
Some oil and gas stocks fared well as investors focused on defensive and bargain-buying strategies. These included Drillsearch Energy (ASX:DLS), an oil and gas exploration, development and production company that gained 5.88 percent or $0.065 to trade at $1.17. Development company Liquefied Natural Gas (ASX:LNG) also rose on Friday, rising 5.67 percent or $0.16 to trade at $2.98.
The day’s top loser on the market was miner and exporter BC Iron Limited (ASX:BCI), falling 5.72 percent or $0.09 to trade at $1.40. The next top faller was Beadell Resources Limited (ASX:BDR), a gold mining company that lost 4.35 percent or $0.015 to trade at $0.33.