The S&P / ASX 200 Index (^AXJO) (ASX:XJO) jumped to a new five-year high as it closed up 0.5% to 5,248, as investors cheered the news that Larry Summers had pulled out of the race to replace US Federal Reserve chairman Ben Bernanke. Summers was viewed as more hard line on quantitative easing than other contenders. Easing Syrian tensions have also played a part in market gains today. Looking at the sectors, gold was the strongest performer rising 3.3%, while utilities dropped 0.7%.
Here are the top five best performing stocks in the index today.
- Billabong International (BBG.AX) soared 7% to 46 cents
- Silver Lake Resources (SLR.AX) rose 6.6% to 80.5 cents
- Emeco Holdings (EHL.AX) climbed 6.3% to 25.5 cents
- Lynas Corporation (LYC.AX) jumped 6.2% to 43 cents
- Kingsgate Consolidated (KCN.AX) added 5.6% to $1.79
These stocks were the losers on the day.
- Discovery Metals (DML.AX) dropped 11.5% to 11.5 cents
- Ten Network Holdings (TEN.AX) lost 4.5% to 32 cents
- Cudeco Limited (CDU.AX) fell 3.8% to $2.01
- Sirius Resources (SIR.AX) slipped 3.7% to $2.89
- Breville Group (BRG.AX) closed down 3.3% at $8.57
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Motley Fool writer/analyst Mike King owns shares in Silver Lake Resources, Kingsgate Consolidated and Sirius Resources.