Australian Market Significantly Higher

The Australian stock market is significantly higher on Friday, recouping some of the sharp losses in the previous session, with the benchmark S&P/ASX 200 moving above the 7,100 level, following the broadly negative cues from Wall Street overnight, with strength in mining and technology stocks, even as rising worries about high inflation and tightening monetary policies remain.

The benchmark S&P/ASX 200 Index is gaining 66.60 points or 0.94 percent to 7,131.10, after touching a high of 7,138.00 earlier. The broader All Ordinaries Index is up 67.20 points or 0.92 percent to 7,370.50. Australian markets ended sharply lower on Thursday.

Among major miners, Rio Tinto and Fortescue Metals are gaining more than 2 percent each, while BHP Group and Mineral Resources are adding almost 2 percent each. OZ Minerals is up more than 1 percent.

Oil stocks are lower. Woodside Petroleum is losing almost 3 percent, Beach energy is down almost 2 percent, Origin Energy is slipping almost 1 percent and Santos is declining almost 2 percent.

Among tech stocks WiseTech Global and Appen are adding almost 2 percent eack, while Zip is gaining more than 3 percent, Xero is rising 3.5 percent and Afterpay owner Block is soaring almost 8 percent.

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

Gold miners are higher. Northern Star Resources is gaining more than 3 percent, Evolution Mining is adding almost 3 percent, Newcrest Mining is advancing almost 2 percent, Gold Road Resources is up 2.5 percent and Resolute Mining is rising almost 2 percent.

In the currency market, the Aussie dollar is trading at $0.703 on Friday.

On Wall Street, stocks saw substantial volatility during trading on Thursday following the sell-off seen in the previous session. The major averages showed wild swings over the course of the session before closing in negative territory.

While the Nasdaq dipped 29.66 points or 0.3 percent to 11,388.50, the Dow and the S&P 500 once again ended the session at their lowest closing levels in over a year. The Dow slid 236.94 points or 0.8 percent at 31,253.13 and the S&P 500 fell 22.89 points or 0.6 percent to 3,900.79.

The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index plunged 1.8 percent, the French CAC 40 Index tumbled by 1.3 percent and the German DAX Index slid by 0.9 percent.

Crude oil prices rallied sharply on Thursday amid expectations of a pickup in energy demand on reports Chinese officials are planning to ease restrictions in Shanghai. The dollar's weakness also contributed significantly to the rise in oil prices. West Texas Intermediate Crude oil futures for June ended higher by $2.62 or 2.4 percent at $112.21 a barrel.

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