Economic news

Australian Equity Benchmark Dips as Gold Stocks Slump

The Australian stock markets closed down by 0.04 percent, at 6,724 during Friday’s trades, whereas the gold stocks dropped as the overnight “risk-on” phase siphoned safe-haven asset out.

The growth-leaders during the Friday’s session were Galaxy Resources (+8.91 percent), Orocobre Limited (+7.22 percent) and SpeedCast International Limited (+6.90 percent), whereas the most significant disbenefits were registered by Saracen Mineral Holdings Limited (-8.33 percent), Regis Resources (-7.22 percent) and Northern Star Resources (-6.64 percent). 

Recall, the recent economic reading showed that Australia’s trade surplus widened from downward revised 6.62 billion of Australian dollars in August to 7.18 billion of Australian dollars in September, missing market expectations of 5 billion of local currency.

australian dollar sinks against buckPhoto: Flickr

The Aussie weakened against the U.S. dollar by 0.31 percent, to 0.6875 at 9.32 GMT. 

Meantime RBA decided to remain the cash rate at the same record low level of 0.75 percent during its recent monetary policy meeting.

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