ASX Round-Up: Index Hits 5,877.5 Points on Massive One-day Gain

The S&P/ASX 200 (INDEXASX:XJO) shot up 2.3 percent on Friday to close at 5,877.5 points for the week, The Sydney Morning Herald reported. That’s the biggest one-day increase for the exchange since December, and it reflects increased investment from overseas and concern that an elevated jobless rate will keep interest rates low for the foreseeable future.

“We’re seeing renewed interest from overseas investors,” said Sean Fenton, a portfolio manager for Tribeca Investment Partners, to the news outlet. “The Australian dollar’s fallen far enough to make the sharemarket more attractive.”

Shares of resource services company Tempo Australia (ASX:TPP) grew 123 percent on Friday to close at $0.058. Tempo announced an expansion to its contact with Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) on February 13 that could increase the contract’s value to $25 million. Tychean Holdings (ASX:TYK), which develops gold projects in Australia, rose 150 percent on the day to finish at $0.002 after releasing its latest investor report on February 9.

Redbank Copper (ASX:RCP), a copper development company, posted Friday’s biggest loss. Its share price slid 50 percent to close at $0.001. There was no news to explain the change in price. Meanwhile, Black Range Minerals (ASX:BLR) fell 16.67 percent to $0.002. The company also has not released any news that would explain the decline.