ASX Round-Up: A ‘Terrible Week’ for Resources

Despite a disastrous day of trading on Monday, the S&P/ASX 200 (INDEXASX:XJO) managed to gain 0.45 percent for the week as a whole. However, the exchange dropped 0.62 percent Friday to close at 5,336.70 points.

“The main story is the terrible week for energy stocks and mining stocks in general,” BBY Senior Private Client Advisor Henry Jennings told The Sydney Morning Herald.

Mining and materials stocks lost 0.8 percent for the week, while energy stocks lost 5.36 percent as oil continued its freefall.

Despite the week’s disappointment for resource and energy companies, there were some among the top gainers. Gold producer Medusa Mining (ASX:MML) gained 10.45 percent, or $0.07, to trade at $0.74 on Friday, while Horizon Oil (ASX:HZN) gained 5.71 percent, or $0.01, to trade at $0.185.

It was a different story for Mount Gibson Iron (ASX:MGX). It lost the most of any company on the S&P/ASX 200 on Friday, with its share price dropping 50 percent, or $0.21, to $0.21 on the news that it has cut its sales target and decided to suspend operations at Koolan Island, which experienced heavy flooding in October.