The Australian stock market is modestly higher on Thursday, recouping the losses of the previous session, with the benchmark S&P/ASX 200 just above the 7,300 level near all-time highs, ahead of a key US inflation reading later in the session. The market is supported by gold miners and technology stocks, with materials and energy firms lower. The cues overnight from Wall Street were negative.
Meanwhile, traders remain concerned about the COVID-19 infection cases in the country’s second-most populous state of Victoria, with four new local cases from the same household reported as Melbourne area entered the last day of lockdown. There are also reports of potential spreads to New South Wales and Queensland.
The benchmark S&P/ASX 200 Index is gaining 32.50 points or 0.45 percent to 7,302.70, after touching a high of 7,305.50 earlier. The broader All Ordinaries Index is up 32.90 points or 0.44 percent to 7,554.90. Australian markets ended modestly lower on Wednesday.
Among major miners, BHP Group, Rio Tinto, Mineral Resources and OZ Minerals are losing almost 1 percent each, while Fortescue Metals is down more than 1 percent.
Oil stocks are lower after crude oil prices edged down overnight. Oil Search is losing almost 2 percent, while Woodside Petroleum, Beach Energy and Santos are down more than 1 percent each. Origin Energy is declining almost 1 percent.
Among Tech stocks, Appen and WiseTech Global are gaining more than 2 percent each, while Afterpay is up almost 1 percent and Xero is adding almost 2 percent.
Among the big four banks, Westpac and National Australia Bank are edging up 0.3 percent each, while ANZ Banking is edging down 0.2 percent. Commonwealth Bank is flat.
Among gold miners, Evolution Mining is gaining almost 1 percent and Northern Star Resources is adding more than 1 percent, while Resolute Mining is losing almost 1 percent. Newcrest Mining and Gold Road Resources are edging up 0.4 percent each.
In other news, ASIC has launched civil proceedings against shipbuilder Austal and its former chief executive David Singleton for an alleged breach of continuous disclosure obligations three years ago. The stock is down almost 1 percent
In the currency market, the Aussie dollar is trading at $0.773 on Thursday.
On Wall Street, stocks closed slightly weak on Wednesday as investors largely stayed cautious and refrained from making significant moves ahead of the much-awaited inflation data, due on Thursday. Despite continued optimism about strong economic rebound, the mood in the market was subdued due to concerns over rising inflation and fears about the Federal Reserve starting discussions on tapering its asset buying program sooner than expected.
Among the major averages, the Dow ended down by 152.68 points or 0.44 percent at 34,447.14. The S&P 500 closed lower by 7.71 points or 0.18 percent at 4,219.55, while the tech-laden Nasdaq edged down 13.16 points or 0.09 percent to 13,911.75.
The major European markets closed mixed on Wednesday with traders largely staying wary of building up positions. France’s CAC 40 advanced 0.19 percent, while the U.K.’s FTSE 100 ended 0.2 percent down and Germany’s DAX declined 0.38 percent.
Crude oil prices edged lower on Wednesday after data showed a jump in U.S. gasoline stockpiles last week. West Intermediate crude oil futures for July ended down $0.09 or 0.1 percent at $69.96 a barrel.
Market Analysis
Australian Market Modestly Higher
2021-06-10 01:54:03
