ASX Round-up: Medusa Mining Gains Following Resource Update

According to the Sydney Morning Herald, the S&P/ASX200 recorded major losses this week, finishing down at 5313.4. The index dropped 1.3 percent, or 68.8 points, on Friday, capping off a week that saw $36 billion in wealth wiped from the ASX. Overall weekly performance saw the ASX lose 2.2 percent, or 119.7 points. The market has now dipped to a six-month low on the back of this fifth consecutive week of losses.

Even though the SMH reported the ASX has sunk 5.6 percent in September, a number of resource companies saw gains this week. Medusa Mining Limited (ASX:MML), an Australian company focused exclusively on gold in the Philippines, was the best-performing stock on the ASX, increasing 9.20 percent or $0.075 to $0.89. The company released its annual mineral reserves and ore resources statement on Thursday, and The Investment Doctor stated in an article for Seeking Alpha, that the update was positive. Although he notes that total resources at the CO-O mine dropped by 35 percent, the report also featured an average grade increase of 2 percent and a much higher confidence in the remaining resources.

Also performing well was Northern Star Resources Ltd (ASX:NST), coming in as the second-best performing ASX stock on Friday. The Australian gold exploration company gained 4.69 percent or $0.06 to stand at $1.34 per share.

On the downside, West Australian iron miner Mount Gibson Iron Limited (ASX:MGX) underwent the largest decline, losing 8.20 percent or $0.05 to fall to $0.56 a share. Like many others in the space, the company has been affected by the ongoing slump in iron ore prices.