The Australian Securities Exchange (ASX) closed at 5,462.3 points today, up 16.4 points from the previous session, as per The Sydney Morning Herald. The gain was caused by stronger-than-expected local economic data.

Commenting on the development, Brian Parker, a senior investment consultant at MLC Investment Management, told the news outlet, “[t]he biggest risk to equities is that over the past five years share price gains have outstripped underlying company earnings growth. Australian companies have done a particularly good job of controlling costs over the past couple of years and [are] now well placed to deliver profit growth as domestic demand accelerates.”

Experiencing gains today on the ASX were a number of mining and energy companies. Those include Paladin Energy (ASX:PDN,TSX:PDN), a uranium company with mines in Australia and Africa; it rose $0.035, or 6.14 percent, to $0.605. Similarly, mining and energy development company African Energy Resources (ASX:AFR) gained $0.001, or 1.12 percent, to hit $0.090. The company has offices in Perth, Zambia and Guernsey and holds three large coal projects in Botswana.

Not faring so well was Energy World (ASX:EWC), an integrated independent energy company that produces and sells power and natural gas, primarily in Indonesia and Australia. It was among the top losers on the ASX today, falling $0.025, or 7.14 percent, to $0.325.

 

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