The Australian stock market is trading notably higher on Friday with investors picking up stocks after recent sharp losses. A positive lead from Wall Street where stocks surged higher overnight on the back of some buoyant economic data is also contributing to the gains.
Financial, mining, consumer discretionary and industrial stocks are mostly up with strong gains.
The benchmark S&P/ASX 200 index is up 62 points or 1.3 percent at 4,757.8. The broader All Ordinaries index is trading at 4,740.7, up 55.8 points or 1.2 percent from its previous close.
Among bank stocks, ANZ Bank is up 2.3 percent, Commonwealth Bank of Australia is up with a gain of 1.5 percent, National Australia Bank is trading 1.3 percent up and Westpac (WBK) is trading higher by 2 percent. Bendigo & Adelaide Bank and Bank of Queensland are up 4.2 percent and 3.7 percent, respectively.
Among top miners, BHP Billiton (BHP) is up 1.6 percent, Rio Tinto (RIO) is adding 2.6 percent, Fortescue Metals is up more than 4 percent and Newcrest Mining is trading higher by about 1.2 percent.
In the energy sector, Woodside Petroleum and Oil Search are trading modestly higher. Caltex Australia is down nearly a percent, while Santos and Origin Energy are trading flat.
In the currency market, the Australian dollar opened higher against the U.S. dollar. In early trades, the local unit was quoting at US$0.9640, up sharply from Thursday's close of US$0.9477.
On Wall Street, the major averages ended sharply higher on Thursday, as bargain hunting after recent heavy losses and a positive reaction to the latest batch of economic data lifted stocks.
The Dow surged up 180.9 points or 1.2 percent to 15,176.1, the Nasdaq jumped 44.9 points or 1.3 percent to 3,445.4 and the S&P 500 soared 23.8 points or 1.5 percent to 1,636.4.
Major European markets turned in a mixed performance on Thursday. While the German DAX index ended down by 0.6 percent, the French CAC 40 index and the U.K.'s FTSE 100 index both edged up by 0.1 percent.
U.S. crude oil prices surged higher as some upbeat economic data stoked hopes for stronger demand for oil. Crude for July delivery ended up 81 cents at $96.69 a barrel on the New York Mercantile Exchange.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.