Australian stock market is modestly higher on Friday, extending the winning streak of seven previous sessions, with the benchmark S&P/ASX 200 moving above the 7,600 level to fresh all-time highs, following the broadly positive cues overnight from Wall Street, even as the country struggles to contain the domestic coronavirus situation, primarily in New South Wales, hindering economic activity amid lockdowns.
NSW has reported 390 new local cases of COVID-19 on Thursday, the highest daily cases of the current outbreak, with more regional areas coming under tougher restrictions. Victoria recorded 15 new locally acquired cases, with active cases now totalling 148 across the state and the snap lockdown extended by another seven days in Melbourne area.
The benchmark S&P/ASX 200 Index is gaining 37.40 points or 0.49 percent to 7,625.60, after touch a freh all-time high of 7,627.30 earlier. The broader All Ordinaries Index is up 33.10 points or 0.42 percent to 7,893.60. Australian markets ended slightly higher on Thursday.
Among major miners, BHP Group and OZ Minerals are losing more than 1 percent each, while Rio Tinto is down almost 1 percent and Fortescue Metals is edging down 0.2 percent. Mineral Resources is gaining almost 1 percent.
Oil stocks are mixed. Oil Search is edging up 0.1 percent and Origin Energy is gaining almost 1 percent, while Beach energy is losing more than 1 percent and Santos is edging down 0.3 percent. Woodside Petroleum is flat
Among tech stocks, Xero and WiseTech Global are gaining more than 1 percent each, while Appen is up almost 2 percent and Afterpay is adding almost 1 percent.
Among the big four banks, National Australia Bank and Westpac are gaining more than 1 percent each, while ANZ Banking is edging up 0.4 percent. Commonwealth Bank is losing almost 1 percent.
Gold miners are mixed. Newcrest Mining, Evolution Mining and Gold Road Resources are flat, while Resolute Mining is losing almost 1 percent. Northern Star Resources is edging up 0.2 percent.
In the currency market, the Aussie dollar is trading at $0.733 on Friday.
On Wall Street, stocks closed higher on Thursday, after what turned out to be a somewhat lackluster session. Data showing acceleration in producer prices and a drop in jobless claims suggested the economy is well and truly on the recovery track.
Among the major averages, the Dow and S&P 500 scaled new record highs. The Dow, which rose to 35,510.77, settled at 35,499.85, gaining 14.88 points or 0.04 percent. The S&P 500 ended up by 13.13 points or 0.3 percent at 4,460.83, slightly off a new high of 4,461.77. The Nasdaq moved higher to settle at 14,816.26, gaining 51.13 points or 0.35 percent.
Meanwhile, the major European markets finished the day mixed. While the U.K.’s FTSE 100 Index ended down 0.37 percent, the German DAX Index rose 0.7 percent and the French CAC 40 Index climbed 0.36 percent.
Crude oil prices drifted lower Thursday on concerns about outlook for energy demand after an International Energy Agency report said oil demand growth will likely ebb in the second half of the year. West Texas Intermediate Crude oil futures for September ended down by $0.16 or 0.2 percent at $69.09 a barrel.
Market Analysis
Australian Market Modestly Higher
2021-08-13 01:24:28
