The Australian Securities Exchange (ASX) closed at 5,265.2 points today, up 63 points from the previous session.
The gain follows the Australian share market’s best week since April, during which it increased 3.3 percent, as per The Sydney Morning Herald. Rallying began December 19 and was caused by the US Federal Reserve’s decision to begin tapering its stimulus program. The $85-billion-a-month bond-buying program will be reduced by $10 billion a month in January.
A number of mining companies rose on the ASX today. Australia-based gold, silver and copper mining company OZ Minerals (ASX:OZL) was a top gainer, rising $0.26, or 9.22 percent, to $3.08. Resolute Mining (ASX:RSG), which engages in gold exploration, increased $0.04, or 6.8 percent, to $0.55.
Other mining companies that increased on the market include WorleyParsons (ASX:WOR), a professional services company for the energy and resource sectors, which rose $0.85, or 5.38 percent, to $16.65. Australia-based mining company PanAust (ASX:PNA) also rose, gaining $0.08, or 5.23 percent, to hit $1.61.
Few companies in the mining sector experienced major losses on the ASX today. Beadell Resources (ASX:BDR), a gold producer based in Perth, was the only mining company among the top 10 losers on the market today. The company dropped $0.02, or 2 percent, to $0.74.