The Australian stock market is significantly higher on Thursday, recouping some of the losses in the previous three sessions, with the benchmark S&P/ASX 200 moving above the 7,300 level, following the mixed cues overnight from Wall Street, with gains in energy, materials and financial stocks. Traders also picked up stocks at a bargain after the recent sell-off.
Australians are bracing for the first interest rate hike in 12 years, as three of the four big banks predict a rise in the cash rate by next week.
The benchmark S&P/ASX 200 Index is gaining 69.20 points or 0.95 percent to 7,330.40, after touching a high of 7,336.40 earlier. The broader All Ordinaries Index is up 70.40 points or 0.93 percent to 7,617.40. Australian stocks ended significantly lower on Wednesday.
Among major miners, BHP Group is up more than 3 percent and OZ Minerals is gaining 4.5 percent, while Rio Tinto and Mineral Resources are adding more than 2 percent each. Fortescue Metals is rising more than 3 percent after it raised its full-year iron ore shipments forecast.
Oil stocks are strong. Origin Energy is edging up 0.4 percent, Woodside Petroleum is gaining almost 2 percent, Santos is up more than 1 percent and Beach energy is advancing almost 1 percent.
In the tech space, WiseTech Global is edging down 0.5 percent and Appen is down 2.5 percent, while Block is adding more than 1 percent and Zip is gaining almost 4 percent. Xero is flat
Among the big four banks, National Australia Bank and Commonwealth Bank are edging up 0.4 percent each, while ANZ Banking and Westpac are gaining almost 1 percent each.
Among gold miners, Northern Star Resources is slipping almost 1 percent, Newcrest Mining is down more than 1 percent, Gold Road Resources is losing 1.5 percent and Evolution Mining is edging down 0.5 percent, while Resolute Mining is adding 1.5 percent.
In other news, shares in AMP Ltd. Are soaring almost 10 percent after the financial services company sold the remaining part of its asset management business to a New York investment firm, in a deal worth at least $462 million.
In the currency market, the Aussie dollar is trading at $0.712 on Wednesday.
On Wall Street, stocks turned in a mixed performance on Wednesday with investors tracking quarterly earnings updates and closely following the developments on the geopolitical front. The mood remained cautious amid concerns about inflation and looming interest rate hikes.
The major averages finished the day on opposite sides of the unchanged line. The Dow closed at 33,301.93, up 61.75 points or 0.19 percent, the S&P 500 settled at 4,183.96 with a gain of 8.76 points or 0.21 percent and the Nasdaq ended down 1.81 points or 0.01 percent at 12,488.93.
Meanwhile, the major European markets all moved to the upside on the day. The U.K.’s FTSE 100 Index surged up 0.53 percent, Germany’s DAX gained 0.27 percent and France’s CAC 40 moved up 0.48 percent.
Crude oil prices climbed higher on Wednesday, lifted by data showing a drop in gasoline and distillate stockpiles last week. West Texas Intermediate Crude oil futures for June rose $0.32 or 0.3 percent at $102.02 a barrel.
Market Analysis
Australian Market Trade Significantly Higher
2022-04-28 01:31:26
