logo
  

Australian Market Slightly Higher

The Australian stock market is slightly higher in choppy trading on Thursday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 just above the 7,400 level, following the mostly positive cues overnight from Wall Street, with strong gains in materials and technology stocks partially offset by weakness in financial and energy stocks.

The benchmark S&P/ASX 200 Index is gaining 10.30 points or 0.14 percent to 7,409.70, after touching a high of 7,411.70 and a low of 7,373.70 earlier. The broader All Ordinaries Index is up 14.70 points or 0.19 percent to 7,740.20. Australian markets ended marginally lower on Wednesday.

Among major miners, Rio Tinto is gaining more than 1 percent, Mineral Resources is rising almost 4 percent and Fortescue Metals is up almost 3 percent, while OZ Minerals and BHP Group are adding almost 1 percent each.

Oil stocks are mostly lower. Origin Energy, Woodside Petroleum and Santos are losing almost 1 percent each, while Oil Search is edging down 0.2 percent and Beach Energy is losing almost 2 percent.

Among the big four banks, Commonwealth Bank and Westpac are losing almost 1 percent each, while ANZ Banking is edging down 0.2 percent and National Australia Bank is edging down 0.5 percent.

In the tech space, Afterpay is gaining almost 3 percent, while Zip, Appen and WiseTech Global are adding almost 2 percent each. Xero is flat.

Gold miners are mostly higher. Newcrest Mining is edging up 0.2 percent, while Evolution Mining and Northern Star Resources are gaining more than 1 percent each. Gold Road Resources and Resolute Mining are losing almost 1 percent each

Shares of EML Payments are soaring more than 22 percent after the company said the Central Bank of Ireland will permit its Irish subsidiary to sign new customers and launch new programs while staying within the material growth restrictions.

In the currency market, the Aussie dollar is trading at $0.721 on Thursday.

On Wall Street, stocks moved to the downside early in the session on Wednesday but showed a notable turnaround over the course of the trading day. The major averages climbed well off their early lows, with the Nasdaq and the S&P 500 closing in positive territory.

The Nasdaq rose 70.09 points or 0.4 percent to 15,845.23 and the S&P 500 inched up 10.76 points or 0.2 percent to 4,701.46. Meanwhile, the Dow bounced well off its worst levels but still closed down 9.42 points or less than a tenth of a percent at 35,804.38.

The major European markets also finished the day mixed. While the U.K.'s FTSE 100 Index rose by 0.3 percent, the French CAC 40 Index closed just below the unchanged line and the German DAX Index fell by 0.4 percent.

Crude oil futures settled slightly lower on Wednesday after data showed a modest increase in U.S. crude stockpiles last week. West Texas Intermediate crude oil futures ended down by $0.11 or 0.14 percent at $78.39 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT