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The Australian Securities Exchange saw a second straight day of losses on Friday despite an afternoon rally, ending the week at 4,738.8, a 19.6-point drop.
The Australian Securities Exchange (ASX) saw a second straight day of losses on Friday despite an afternoon rally, ending the week at 4,738.8, a 19.6-point drop. Overall, the Australian share market lost 1.1 percent, bringing its total gains for the year down to 1.9 percent. The ASX is reacting to meetings in the United States regarding the Federal Reserve’s stimulus package, according to The Sydney Morning Herald. Because the Fed is signaling that it will curb its spending, the local markets have fallen.
Whitehaven Coal (ASX:WHC) was the top mover of the week, jumping $0.16 to land at $2.349. The coal company traded more than 6.2 million shares. Monadelphous Group (ASX:MND) saw a similar week, rising $1.17 to end the week at $17.511 with a trade volume of 2.4 million.
Regis Resources (ASX:RRL) saw a similar drop, landing at $3.228. That was a $0.15 fall for the junior gold company at a trade volume of over 3 million. Meanwhile, gold and copper miner Newcrest Mining (ASX:NCM) also saw a $0.40 drop, ending up at $10.353 for the week.