The Australian stock market is modestly higher on Friday, snapping the losing streak of the previous four sessions, with the benchmark S&P/ASX 200 just below the 7,500 level, following the mixed 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 642 new local cases of COVID-19 and four deaths on Thursday, with the Greater Sydney lockdown extended until the end of September and most other regional areas until August 28. Victoria recorded 55 new locally acquired cases, with active cases now totalling 349 across the state.
The benchmark S&P/ASX 200 Index is gaining 25.80 points or 0.35 percent to 7,490.40, after touching a high of 7,512.00 earlier. The broader All Ordinaries Index is up 18.40 points or 0.24 percent to 7,753.70. Australian markets ended modestly lower on Thursday.
Among major miners, BHP Group and Rio Tinto are edging up 0.4 percent each, while OZ Minerals is declining almost 4 percent and Mineral Resources is losing more than 2 percent. Fortescue Metals is gaining more than 1 percent.
Oil stocks are mixed. Oil Search is edging up 0.3 percent, Woodside Petroleum is up more than 1 percent, Origin Energy is gaining more than 2 percent and Beach energy is adding 0.5 percent, while Santos is losing 1.5 percent.
Among tech stocks, Xero and Appen are gaining almost 1 percent each, while Afterpay is flat. WiseTech Global is edging up 0.2 percent.
Among the big four banks, ANZ Banking is gaining almost 1 percent, while National Australia Bank and Westpac are edging up 0.3 percent each. Commonwealth Bank is adding more than 1 percent.
Gold miners are mixed. Newcrest Mining is losing almost 3 percent, while Evolution Mining and Northern Star Resources are edging down 0.4 percent each. Gold Road Resources is declining more than 1 percent and Resolute Mining is down almost 2 percent.
In other news, shares in Cochlear are plunging more than 7 percent even after the meditech giant reported record $1.4 billion in revenue and declared a $1.40 dividend, with the company missing consensus expectations.
Sydney Airport reported a wider loss of $97.4 million for the first half as the COVID-19 pandemic continues to cripple the travel industry. Revenue also fell 33 per cent to $341 million from last year. The stock is trading flat.
In the currency market, the Aussie dollar is trading at $0.715 on Friday.
On Wall Street, stocks showed a lack of direction throughout the trading day on Thursday after pulling back sharply over the course of the two previous sessions. The major averages bounced back and forth across the unchanged line before ending the day mixed.
While the Dow edged down 66.57 points or 0.2 percent to 34,894.12, the Nasdaq inched up 15.87 points or 0.1 percent to 14,541.79 and the S&P 500 crept up 5.53 points or 0.1 percent to 4,405.80.
Meanwhile, the major European markets showed significant moves to the downside on the day. While the French CAC 40 Index plummeted by 2.4 percent, the U.K.’s FTSE 100 Index and the German DAX Index tumbled by 1.5 percent and 1.3 percent, respectively.
Crude oil futures fell for a sixth straight session Thursday on worries about the outlook for energy demand after data showed a surprise build in gasoline inventories and continued spikes in coronavirus cases. West Texas Intermediate futures for September ended down $1.77 or 2.7 percent at $63.60 a barrel, a three-month low.
Market Analysis
Australian Market Modestly Higher
2021-08-20 01:47:20
