Increases in oil and iron ore prices had a positive effect on mining companies during the week and helped the benchmark ASX 200 share market index end the week up 0.8% on 5,933 points.
The week past saw NSW ranked as Australia’s strongest economy for the second straight quarter, according to CommSec’s State of the States report, while modest inflation numbers have left the door open for a further interest rate cut.
In company news, shares in software company Xero (ASX:XRO) and sleep device manufacturer ResMed (ASX:RMD) ended the week down, with investors responding to results released from both companies on Friday.
Xero posted a full year loss of $69.5m, while ResMed posted quarterly profit growth of just 1% compared to the same period a year earlier.
Shares in Priceline owner Australian Pharmaceutical Industries (ASX:API) and Brambles (ASX:BXB) also ended the week down despite both companies reporting a lift in profit.
Big week for mining companies
A number of production updates and results were posted during the week by various Australian mining companies.
Although BC Iron (ASX: BCI) shares have dropped more than 90% in value over the past 12 months*, the company’s shares were boosted almost 60% during the week after a slight lift in the iron ore price.