The Australian stock market is significantly higher on Friday, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 moving above the 7,300 level, despite the broadly positive cues from global markets overnight, with gains across most sectors, led by mining and energy stocks amid continued strength in commodity prices.
Data showing a drop in U.S. consumer prices inflation in the month of December, the first time in more than two and a half years, raised expectations the US Fed will slow down the pace of its interest rate hikes in the coming months.
The benchmark S&P/ASX 200 Index is gaining 76.40 points or 1.05 percent to 7,356.80, after touching a high of 7,357.80 earlier. The broader All Ordinaries Index is up 77.20 points or 1.03 percent to 7,567.10. Australian markets ended significantly higher on Thursday.
Among major miners, BHP Group and Rio Tinto are gaining almost 1 percent each, while Fortescue Metals, OZ Minerals and Mineral Resources are edging down 0.1 to 0.3 percent each.
Oil stocks are higher. Santos is gaining more than 3 percent, Woodside Energy is adding 1.5 percent and Beach energy is advancing more than 2 percent. Origin Energy is flat.
Among tech stocks, Appen is gaining more than 1 percent and Xero is advancing more than 2 percent, while Zip and WiseTech Global are adding almost 2 percent each. Afterpay owner Block is edging up 0.1 percent.
Among the big four banks, National Australia Bank is gaining more than 1 percent and Westpac is adding almost 1 percent, while ANZ Banking and Commonwealth Bank are up 1.5 percent each.
Gold miners are mostly higher. Northern Star Resources and Newcrest Mining are gaining almost 2 percent each, while Gold Road Resources is edging up 0.4 percent, Evolution Mining is adding almost 1 percent and Resolute Mining is advancing more than 2 percent.
In the currency market, the Aussie dollar is trading at $0.697 on Friday.
On Wall Street, stocks moved mostly higher over the course of the trading day on Thursday, extending the upward trend seen over the past several sessions. The major averages saw substantial volatility early in the session but climbed firmly into positive territory as the day progressed.
The major averages finished the day off their highs of the session but held on to gains. The Dow advanced 216.96 points or 0.6 percent to 34,189.97, the Nasdaq climbed 69.43 points or 0.6 percent to 11,001.10 and the S&P 500 rose 13.56 points or 0.3 percent to 3,983.17.
The major European markets also moved to the upside on the day. While the U.K.’s FTSE 100 Index advanced by 0.9 percent, the German DAX Index and the French CAC 40 Index both climbed by 0.7 percent.
Crude oil futures settled higher on Thursday, gaining for a sixth straight session on a weaker dollar and data showing a slowdown in U.S. inflation. West Texas Intermediate Crude oil futures for February added $0.98 or 1.3 percent at $78.39 a barrel.
Market Analysis
Australian Market Significantly Higher
2023-01-13 01:26:34
