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ASX surges higher

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has surged 1.5% to close at 4,881.7, despite weak Australian economic data saw business conditions fall to their worst levels in four years. Most sectors saw positive results, besides Telecommunications, with A-REITs, Information Technology and the financials leading the way.

Here’s the five best performing stocks in the index.

Discovery Metals (ASX:DML) surged 19.4% to close at 18.5 cents, Buru Energy (ASX:BRU) rose 11.9% to $1.50. Silver Lake Resources (ASX:SLR) added 8.3% to finish at 65.5 cents, while fellow gold miners Beadell Resources (ASX:BDR) and Resolute Mining (ASX:RSG) added 5% and 5.7% respectively.

The following stocks were the biggest losers on the day.

Billabong International (ASX:BBG) shares fell off a cliff, losing 15.8% to end at 24 cents, Medusa Mining (ASX:MML) lost 12.1% to close at $1.45 and Mineral Deposits (ASX:MDL) fell 11.4%. Sirius Resources (ASX:SIR) continued its recent slide, losing another 5.1% to finish at $2.03, while Caltex Australia (ASX:CTX) dropped 3.6%, ending at $18.04.

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Motley Fool writer/analyst Mike King owns shares in Sirius, Silver Lake and Billabong.

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