Plus   Neg

Australian Market Rebounds

The Australian stock market is higher on Friday, rebounding from the previous session's losses despite the mixed cues overnight from Wall Street. Investors are optimistic about progress on a U.S.-China trade deal. Stocks are higher across the board, with banks among the leading gainers.

The benchmark S&P/ASX 200 Index is adding 43.20 points or 0.70 percent to 6,241.90, off a high of 6242.30 earlier, while the broader All Ordinaries Index is up 39.30 points or 0.62 percent to 6,333.40. Australian shares fell modestly on Thursday.

The big four banks are notably higher. ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank are rising in a range of 1.1 percent to 1.9 percent.

Among the major miners, Fortescue Metals is advancing almost 1 percent, Rio Tinto is adding 0.4 percent and BHP Group is up 0.2 percent on higher iron ore prices.

Oil stocks are also higher despite a fall in crude oil prices overnight. Oil Search is advancing almost 1 percent, Woodside Petroleum is rising 0.7 percent and Santos is adding 0.2 percent.

In the tech space, Appen is rising almost 2 percent and Xero is higher by more than 1 percent, while WiseTech Global is declining more than 1 percent.

Meanwhile, gold miners are weak after gold prices tumbled overnight. Newcrest Mining is edging down 0.1 percent and Evolution Mining is lower by almost 2 percent.

In the currency market, the Australian dollar is lower against the U.S dollar on Friday. The local currency was quoted at $0.7117, down from $0.7161 on Thursday.

On Wall Street, stocks closed little changed on Thursday in volatile trade as traders seemed reluctant to make more significant moves amid uncertainty about the upcoming earnings season, with some analysts expecting the results to be disappointing. Lingering uncertainty about the global economic outlook and a potential U.S.-China trade deal also kept traders on the sidelines.

While the S&P 500 inched up 0.11 points or less than a tenth of a percent to 2,888.32, the Dow edged down 14.11 points or 0.1 percent to 26,143.05 and the Nasdaq dipped 16.88 points or 0.2 percent to 7,947.36.

The major European markets also turned in a mixed performance on Thursday. The U.K.'s FTSE 100 Index edged down by 0.1 percent, while the German DAX Index rose by 0.3 percent and the French CAC 40 Index advanced by 0.7 percent.

Crude oil futures drifted down sharply on Thursday on worries about a possible drop in demand for crude due to slowing global economy. WTI crude for May fell $1.03 or 1.6 percent at $63.58 a barrel on the New York Mercantile Exchange.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT