Snapping a two-session losing streak, the Australian stock market is modestly higher on Friday, despite the broadly negative cues from global markets overnight. The benchmark S&P/ASX 200 is staying above the 6,800 level, aided by gains in technology and financial stocks.
The benchmark S&P/ASX 200 Index is gaining 21.00 points or 0.31 percent to 6,833.30, after touching a high of 6,844.20 earlier. The broader All Ordinaries Index is up 18.00 points or 0.26 percent to 7,019.10. Australian markets ended notably lower on Thursday.
Among major miners, Mineral Resources is gaining more than 1 percent, while Rio Tinto and Fortescue Metals are edging down 0.4 to 0.5 percent each. BHP Group is flat.
Oil stocks are mixed. Santos and Origin Energy are edging down 0.1 to 0.2 percent each, while Beach energy is gaining almost 1 percent. Woodside Energy is flat.
Among tech stocks, Afterpay owner Block is gaining more than 2 percent, WiseTech Global is edging up 0.1 percent, Zip is adding almost 1 percent and Appen is up more than 1 percent, while Xero is losing almost 1 percent.
Among the big four banks, Commonwealth Bank and National Australia Bank are gaining more than 1 percent each, while ANZ Banking and Westpac are adding almost 1 percent each.
Gold miners are mixed. Northern Star Resources and Newcrest Mining are losing more than 1 percent each, while Evolution Mining is edging down 0.4 percent. Gold Road Resources is gaining more than 2 percent and Resolute Mining is adding more than 1 percent.
In the currency market, the Aussie dollar is trading at $0.633 on Friday.
On Wall Street, stocks moved notably lower over the course of the trading day on Thursday, extending the sharp pullback seen during Wednesday’s session. With the continued weakness, the major averages fell to their lowest closing levels in five months.
The major averages staged a recovery attempt in the latter part of the session but moved back to the downside going into the close. The Nasdaq tumbled 225.62 points or 1.8 percent to 12,595.61, the S&P 500 slipped 49.54 points or 1.2 percent to 4,137.23 and the Dow slid 251.63 points or 0.8 percent to 32,784.30.
The major European markets also moved to the downside on the day. While the German DAX Index slumped 1.1 percent, the U.K.’s FTSE 100 Index slid by 0.8 percent and the French CAC 40 Index fell by 0.4 percent.
Crude oil prices fell to a two-week low on Thursday as diplomatic efforts to stop Israel from a ground invasion of Gaza helped ease concerns about oil supplies. Recent data showing a surge in U.S. crude inventories, and concerns about interest rates also weighed on oil prices. West Texas Intermediate Crude oil futures for December sank $2.18 or 2.6 percent at $83.21 a barrel.
Market Analysis
Australian Market Modestly Lower
2023-10-27 01:29:00
