The S&P / ASX 200 Index (^AXJO) (XJO.AX) added 0.3% today, ending at 4,771.2, buoyed by results on offshore markets. Overnight, both the Dow Jones Industrial Average and the S&P 500 rose 0.6%, while in the UK, the FTSE 100 added 0.5%. The ASX 200 is now up 2.6% since the start of the year.
The Australian dollar is down slightly against the US dollar, currently buying around 105.2 US cents.
These three stocks were the best performers in the ASX 200, rising more than 4%.
Oz Minerals Limited (OZL.AX) added 5.2%, ending at $7.30. Investors in the copper and gold miner are likely being spurred on by recent rises in the gold price, as well as the $750 million sitting in the company’s bank accounts. A 30% fall in Oz Minerals’ share price over the last year may also be attracting investors.
Gold miner, St Barbara Limited (SBM.AX) climbed more than 4.7%, to close at $1.445. St Barbara’s share price has been on a rollercoaster over the past 12 months, rising as high as $2.45, but has been trading at 52- week lows recently. After its Southern Cross operation ceased mining and processing operations late last year, St Barbara announced earlier this month that it had sold Southern Cross to a Chinese gold mining company for around $22 million – roughly twice what St Barbara valued the asset at.
Fund manager, Perpetual Limited (PPT.AX) also added 4.7%, to close at $36.82. Investors may be attracted to the stock by increasing amounts of funds that had previously been tucked away in bank accounts and term deposits, flood into the equity market. Fund managers are typically dependent on a rising share market to attract new inflows of funds, and the ASX 200 rose around 14% in 2012.
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Motley Fool writer/analyst Mike King doesn’t own shares in any companies mentioned. The Motley Fool’s purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.