The ASX closed the way it opened, almost level, while gold advanced quickly towards the next high point of US$3,300 ($5,196) an ounce.
The S&P/ASX 200 inched down just 2.8 points to 7,758.90 points by the closing bell on Wednesday (16 April).
The index has rebounded 5.21% in the past five days, but is still down 4.9% since the start of the year.
Six of the 11 sectors ended the day in the red. Energy tumbled 2.65%, materials fell 0.77% and industrials edged back 0.26%.
The financial sector was the best performing for the day, advancing 0.97% over the trading session and rising 6.22% over the past five days. Utilities also ended the day in the green with a 0.46% tick up.
Given the strength of the gold price, it is again probably unsurprising to see the producers and those close to production riding the tailwinds.
Genesis Minerals (ASX:GMD) rallied 8.4% to $4.39, Bellevue Gold (ASX:BGL) jumped 8.38% to $0.97, Ramelius Resources (ASX:RMS) climbed 6.77% to $2.84 and Regis Resources (ASX:RRL) added 6.46% to close at $4.78.
Genesis increased its cash holdings by $111 million to $348 million on record production of 59,767 ounces during the March quarter.
At the junior end of the market, explorer Western Mines Group (ASX:WMG) found strong momentum today, closing 59.09% higher at $0.175. The sudden and unexpected share price spike saw the ASX query the company over the movement.
However, Western Mines says it is not aware of any explanation for the price and volume change.
Norwest Minerals (ASX:NWM), meanwhile, jumped 55.56% to $0.014 on news it has been granted a mining lease for its Bulgera Gold Project.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & iStock
