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ASX Round-Up: Slight Rise to 5,338.1 Points Leaves Exchange Up on the Week
Mar. 21, 2014 11:15AM PST
Resource Investing News Today, the Australian Securities Exchange rose 44.1 points, hitting 5,338.1 points. The market is also up on the week, partially due to the fact that investors believe the United States’ economy has turned the corner into recovery.
Today, the Australian Securities Exchange (ASX) rose 44.1 points, hitting 5,338.1 points, according to The Sydney Morning Herald. The market is also up on the week, partially due to the fact that investors believe the United States’ economy has turned the corner into recovery.
On the other side of the world, Australia’s business landscape is also improving. Matt Sherwood, head of investment market research at Perpetual, told the news outlet, “Australia has also participated in this large rally and we’ve had price gains over the last two years, even though earnings per share have actually declined and so it’s going to take time for earnings in Australia to catch up.”
Performing well on the ASX today was Independence Group (ASX:IGO), which gained 6.04 percent, or $0.24, to trade at $4.04. The company explores for and mines nickel, copper and zinc, but is currently developing the Tropicana gold project, located in Western Australia.
On the flip side, OZ Minerals (ASX:OZL) today lost 2.75 percent, or $0.09, to trade at $3.18. The company mines copper, gold and silver in the south of Australia.