The Australian stock market is slightly lower on Thursday, extending the losses in the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,100 level, following the mostly negative cues from global markets overnight, with losses in gold miners and technology stocks, almost offset by gains in iron ore miners and energy stocks amid firmer commodity prices.
The benchmark S&P/ASX 200 Index is losing 4.20 points or 0.06 percent to 7,113.80, after hitting a low of 7,102.30 earlier. The broader All Ordinaries Index is down 7.00 points or 0.10 percent to 7,303.40. Australian stocks ended modestly lower on Wednesday.
Among major miners, BHP Group, Rio Tinto and Fortescue Metals are gaining more than 1 percent each, while Mineral Resources is edging down 0.5 percent.
Oil stocks are mostly higher. Santos and Woodside Energy are gaining more than 1 percent each, while Beach energy is advancing almost 3 percent and Origin Energy is edging up 0.1 percent.
In the tech space, Xero is declining almost 3 percent, Afterpay owner Block is edging down 0.3 percent, WiseTech Global is losing more than 1 percent and Appen is down 1.5 percent. Zip is in a trading halt.
Among the big four banks, National Australia Bank is edging up 0.3 percent and Westpac is gaining almost 1 percent, while ANZ Banking is edging down 0.3 percent. Commonwealth Bank is flat.
Among gold miners, Evolution Mining and Gold Road Resources are losing almost 2 percent each, while Northern Star Resources is slipping almost 3 percent, Newcrest Mining is down more than 1 percent and Resolute Mining is declining almost 4 percent.
In the currency market, the Aussie dollar is trading at $0.666 on Thursday.
On Wall Street, stock moved in opposite directions during trading on Wednesday following the lackluster performance to start the week. While the tech-heavy Nasdaq moved sharply lower, the Dow posted a modest gain.
The Nasdaq tumbled 171.52 points or 1.3 percent to 13,104.90 after ending Tuesday’s trading at its best closing level in well over a year. The S&P 500 also fell 16.33 points or 0.4 percent to 4,267.52, while the Dow rose 91.74 points or 0.3 percent to 33,665.02.
Meanwhile, the major European markets moved slightly lower on the day. While the German DAX Index dipped by 0.2 percent, the French CAC 40 Index and the U.K.’s FTSE 100 Index both edged down by 0.1 percent.
Crude oil prices climbed higher on Wednesday as Saudi Arabia’s recent decision to cut crude output outweighed concerns about demand, while data showing a drop in U.S. crude inventories last week also supported prices. West Texas Intermediate Crude oil futures for July ended higher by $0.79 or 1.1 percent at $72.53 a barrel.
Market Analysis
Australian Market Slightly Lower
2023-06-08 01:30:31
