Australian Market Modestly Higher

The Australian stock market is modestly higher on Thursday, extending the slight gains in the previous session, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is staying above the 7,700 level, with gains across most sectors led by mining and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 16.80 points or 0.22 percent to 7,750.30, after touching a high of 7,767.10 earlier. The broader All Ordinaries Index is up 22.70 points or 0.28 percent to 8,013.00. Australian stocks ended slightly higher on Wednesday.

Among major miners, Rio Tinto is gaining more than 1 percent, Fortescue Metals is advancing more than 2 percent and Mineral Resources is adding more than 3 percent, while BHP Group is losing almost 1 percent.

Oil stocks are mostly higher. Santos is gaining almost 2 percent, Origin Energy is adding more than 1 percent and Beach energy is advancing 1.5 percent, while Woodside Energy is losing more than 2 percent.

In the tech space, Appen is soaring 9.5 percent, Xero is gaining more than 1 percent, Afterpay owner Block is edging up 0.2 percent, Zip is skyrocketing more than 11 percent and WiseTech Global is advancing almost 2 percent.

Among the big four banks, Commonwealth Bank and National Australia Bank are gaining almost 1 percent each, while ANZ Banking and Westpac are edging up 0.1 to 0.4 percent each.

Among gold miners, Evolution Mining is gaining more than 2 percent, Gold Road Resources is adding almost 1 percent, Resolute Mining is advancing more than 3 percent and Northern Star Resources is up 2.5 percent, while Newmont is losing almost 1 percent.

In economic news, Australia posted a seasonally adjusted merchandise trade surplus of A$11.027 billion in January, the Australian Bureau of Statistics said on Thursday. That missed forecasts for a surplus of A$11.420 billion following the downwardly revised A$10.743 billion surplus in December (originally A$10.959 billion).

Exports were up 1.6 percent on month to A$47.511 billion after gaining a downwardly revised 1.5 percent in the previous month (originally 1.8 percent). Imports rose 1.3 percent on month to A$36.483 billion yen, slowing from 4.8 percent a month earlier.

Meanwhile, the total value of owner-occupied home loans issued in Australia was down a seasonally adjusted 4.6 percent on month in January, the Australian Bureau of Statistics said on Thursday – coming in at A$15.91 billion. On a yearly basis, owner-occupied home loans rose 3.4 percent and investment lending jumped 18.5 percent for an increase of 8.5 percent in overall loans.

In the currency market, the Aussie dollar is trading at $0.657 on Thursday.

On Wall Street, stocks moved mostly higher during trading on Wednesday following a notable pullback to start the week. The major averages all moved to the upside on the day but remain well off their recent record highs.

The major averages finished the day off their highs of the session but still in positive territory. The Nasdaq climbed 91.95 points or 0.6 percent to 16,031.54, the S&P 500 rose 26.1 points or 0.5 percent to 5,104.76 and the Dow edged up 75.86 points or 0.2 percent to 38,661.05.

The major European markets all also moved modestly higher on the day. While the U.K.’s FTSE 100 Index climbed by 0.4 percent, the French CAC 40 Index rose by 0.3 percent and the German DAX Index inched up by 0.1 percent.

Crude oil prices settled higher on Wednesday after data showed large declines in gasoline and distillate stockpiles last week. West Texas Intermediate Crude oil futures for April ended higher by $0.98 or 1.25 percent at $79.13 a barrel.

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