Australian stock market is notably higher on Friday, snapping three straight sessions of losses, with the benchmark S&P/ASX 200 breaking back above the 7,000 level to near 14-month highs, following the broadly positive cues overnight from Wall Street on better-than-expected weekly labor market data. Investors are also scooping up bargains following heavy losses in recent sessions, which were driven by inflation concerns.
The benchmark S&P/ASX 200 Index is gaining 59.00 points or 0.85 percent to 7,041.70, after touching a high of 7,050.00 earlier. The broader All Ordinaries Index is up 60.10 points or 0.83 percent to 7,269.10. Australian markets ended notably lower on Thursday.
The major miners are higher. Fortescue Metals is gaining more than 1 percent, while BHP Group and Rio Tinto are edging up 0.3 percent each.
Among oil stocks, Woodside Petroleum is gaining more than 1 percent and Beach energy is adding almost 1 percent, while Oil Search and Santos are up almost 2 percent each.
Among tech stocks, Afterpay is gaining almost 2 percent and Appen is edging up 0.2 percent, while WiseTech Global is down almost 2 percent and Xero is declining almost 5 percent.
Among the big four banks, National Australia Bank, Westpac and ANZ Banking are gaining more than 1 percent each, while Commonwealth Bank is gaining almost 1 percent.
Gold miners are mixed. Evolution Mining is flat, while Northern Star Resources and Gold Road Resources are edging up 0.3 percent each. Newcrest Mining is edging down 0.2 percent and Resolute Mining is down 0.5 percent.
In the currency market, the Aussie dollar is trading at $0.772 on Friday.
On Wall Street, stocks closed higher on Thursday, staging a strong comeback after suffering losses in the previous three sessions. Investors largely shrugged off concerns about inflation and possible monetary tightening by the Federal Reserve. Data showing a bigger than expected drop in initial jobless claims in the U.S. and bargain hunting contributed to market’s rebound.
The major averages all ended with strong gains. The Dow advanced 433.79 points or 1.29 percent to settle at 34,021.45, after hitting a high of 34,181.77. The S&P 500 ended up by 49.46 points or 1.22 percent at 4,112.50, while the tech laden Nasdaq closed higher by 93.31 points or 0.72 percent at 13,124.99, well off the day’s high of 13,247.87.
The major European markets ended mixed on Thursday as investors stayed cautious and refrained from making significant moves amid continued concerns about inflation. While the U.K.’s FTSE 100 declined 0.59%, Germany’s DAX moved up 0.33% and France’s CAC 40 advanced 0.14%.
Crude oil prices declined sharply on Thursday, weighed down by rising worries about outlook for energy demand and on news that Colonial Pipeline has resumed operations at its facilities. West Texas Intermediate Crude oil futures for June ended down by $2.26 or 3.4 percent at $63.82 a barrel, a two-week low.
Market Analysis
Australian Market Notably Higher
2021-05-14 02:52:27
