The Australian Securities Exchange (ASX) rose 26.4 points today, reaching a total of 5,438.7 points, according to The Sydney Morning Herald. Shares have increased every day in trading this past week, pushing the market toward six-year highs.
“So far, reporting season has shown impressive trends in earnings, reflecting the benefits of a lower Australian dollar, low interest rates, improved cost control, rising volumes in the resources sector and some improvement in the non-resources sectors,” Malcolm Wood, head of strategy at Morgan Stanley Wealth Management, told the news outlet.
Performing well today was Medusa Mining (ASX:MML), which rose $0.10, or 4.9 percent, to trade at $2.14. The company is engaged in the exploration, development and production of gold in the Philippines. PanAust (ASX:PNA), a mining company that produces copper and gold in Laos, also rose today, increasing $0.08, or 4.22 percent, to trade at $1.975.
On the other side of the top movers was Regis Resources (ASX:RRL), which fell $0.53, or 17.15 percent, to trade at $2.56. Regis Resources is a gold mining company that operates in Western Australia. Similarly, Santos (ASX:STO), an oil and gas producer, lost $0.68, or 4.76 percent, to trade at $13.59.