The Australian stock market is slightly higher on Friday, recouping some of the losses in the previous two sessions, with the benchmark S&P/ASX 200 staying a tad below the 7,400 level, despite the broadly negative cues from global markets overnight, as traders await the Reserve Bank of Australia’s Monetary Policy later in the day. Gains in mining and energy stocks were partially offset by weakness in technology stocks.
The benchmark S&P/ASX 200 Index is gaining 9.70 points or 0.13 percent to 7,394.90, after hitting a low of 7,325.40 earlier. The broader All Ordinaries Index is up 8.20 points or 0.11 percent to 7,530.50. Australian markets ended notably lower on Thursday.
Among major miners, BHP Group and Rio Tinto are gaining almost 1 percent each, while Fortescue Metals and Mineral Resources are edging up 0.1 to 0.4 percent each.
Oil stocks are higher. Santos and Origin Energy are edging up 0.2 to 0.5 percent each, while Woodside Energy is gaining more than 1 percent and Beach energy is advancing more than 2 percent.
Among tech stocks, Afterpay owner Block is plummeting more than 10 percent. Zip and Xero are losing more than 1 percent each, while WiseTech Global and Appen are edging up 0.3 to 0.3 percent each.
Among the big four banks, Commonwealth Bank is edging up 0.2 percent and ANZ Banking is gaining more than 1 percent, while Westpac and National Australia Bank are adding almost 1 percent each.
Gold miners are mostly lower. Northern Star Resources is losing 1.5 percent and Gold Road Resources is down almost 1 percent, while Evolution Mining and Newcrest Mining are edging down 0.5 percent each. and Resolute Mining is flat.
In other news, shares in ResMed are plunging more than 11 percent after the medical devices maker reported results that came in below analyst estimates.
In the currency market, the Aussie dollar is trading at $0.657 on Friday.
On Wall Street, stocks fluctuated over the course of the trading session on Thursday after an early move to the downside. The major averages bounced back and forth across the unchanged line before closing modestly lower.
The Dow slipped 66.63 points or 0.2 percent to 35,215.89, the Nasdaq edged down 13.73 points or 0.1 percent to 13,959.72 and the S&P 500 dipped 11.50 points or 0.3 percent to 4,501.89.
The major European markets also moved to the downside on the day. While the U.K.’s FTSE 100 Index declined by 0.4 percent, the French CAC 40 Index and the German DAX Index slid by 0.7 percent and 0.8 percent, respectively.
Crude oil prices climbed higher Thursday after Saudi Arabia announced that it would extend its production cut to next month. West Texas Intermediate Crude oil futures for September climbed $2.06 or 2.6 percent at $81.66 a barrel.
Market Analysis
Australian Market Slightly Higher
2023-08-04 01:26:50
