The Australian stock market is significantly higher on Friday, adding to the gains in the previous session, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving above the 8,100 level to near all-time highs, with gains across most sectors led by miners and energy stocks amid spiking commodity prices.
The benchmark S&P/ASX 200 Index is gaining 52.10 points or 0.65 percent to 8,127.80, after touching a high of 8,143.60 earlier. The broader All Ordinaries Index is up 54.20 points or 0.65 percent to 8,347.30. Australian markets ended significantly higher on Thursday.
Among major miners, BHP Group and Rio Tinto are gaining more than 1 percent each, while Mineral Resources is edging up 0.3 percent and Fortescue Metals is adding almost 2 percent.
Oil stocks are mostly higher. Woodside Energy is advancing 2.5 percent, Santos is adding more than 1 percent and Beach energy is gaining almost 1 percent, while Origin Energy is edging down 0.3 percent.
Among tech stocks, Afterpay owner Block is edging down 0.4 percent, while Zip is surging more than 5 percent, WiseTech Global is gaining almost 1 percent, Xero is edging up 0.4 percent and Appen is advancing more than 3 percent.
Among the big four banks, Commonwealth Bank, ANZ Banking and Westpac are edging up 0.4 to 0.5 percent each, while National Australia Bank is gaining almost 1 percent.
Gold miners are mostly higher. Evolution Mining is surging almost 6 percent, Northern Star Resources is gaining more than 4 percent, Newmont is advancing almost 4 percent, Gold Road Resources is adding almost 5 percent and Resolute Mining is up more than 2 percent.
In the currency market, the Aussie dollar is trading at $0.673 on Friday.
On Wall Street, stocks moved notably higher over the course of the trading day on Thursday after turning in a lackluster performance early in the session. The Nasdaq and the S&P 500 added to strong gains posted in Wednesday’s session, closing higher for the fourth straight day.
The major averages all finished the day firmly in positive territory. The Nasdaq jumped 174.15 points or 1.0 percent to 17,569.68, the S&P 500 advanced 41.63 points or 0.8 percent to 5,595.76 and the Dow climbed 235.06 points or 0.6 percent to 41,096.77.
The major European markets also moved to the upside on the day. While the German DAX Index jumped by 1.0 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index climbed by 0.6 percent and 0.5 percent, respectively.
Crude oil prices climbed higher on Thursday amid reports of supply cuts in facilities along the Gulf of Mexico due to the impact of Hurricane Francine, despite the International Energy Agency lowering its oil demand forecast for the year. West Texas Intermediate Crude oil futures for October ended up by $1.66 or nearly 2.5 percent at $68.97 a barrel.
Market Analysis
Australian Market Significantly Higher
2024-09-13 01:09:37
