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Australian Market Trade Slightly Higher

The Australian stock market is slightly higher on Thursday, extending the gains in the previous session, with the benchmark S&P/ASX 200 staying below the 7,200 level, following the broadly positive cues overnight from the global markets, with technology stocks rebounding, particularly Appen after it received a buyout offer. Financial stocks are also gaining. Meanwhile, mining and energy stocks slipped on profit taking.

The benchmark S&P/ASX 200 Index is gaining 7.00 points or 0.10 percent to 7,162.20, after touching a high of 7,181.40 earlier. The broader All Ordinaries Index is up 8.70 points or 0.12 percent to 7,400.40. Australian stocks ended modestly higher on Wednesday.

Among major miners, BHP Group, Rio Tinto and OZ Minerals are losing almost 1 percent each, while Fortescue Metals is declining almost 2 percent and Mineral Resources is edging down 0.3 percent.

Oil stocks are lower. Origin Energy, Santos and Woodside Energy are losing almost 1 percent each, while Beach energy is flat.

In the tech space, Afterpay owner Block is gaining almost 2 percent and Zip is advancing almost 3 percent, while Xero and WiseTech Global are adding more than 2 percent each. Appen is soaring more than 28 percent after it received a non-binding buyout offer from Canadian BPO firm Telus International, valuing it at $1.17 billion

Among the big four banks, National Australia Bank and ANZ Banking are gaining almost 1 percent each, while Westpac is adding more than 1 percent and Commonwealth Bank is edging up 0.4 percent.

Among gold miners, Northern Star Resources, Resolute Mining and Newcrest Mining are losing almost 2 percent each, while Evolution Mining is down almost 1 percent and Gold Road Resources is slipping 1.5 percent.

In the currency market, the Aussie dollar is trading at $0.710 on Wednesday.

On Wall Street, stocks fluctuated over the course of the trading session on Wednesday before ending the day mostly higher. The tech-heavy Nasdaq rebounded after ending Tuesday's trading at its lowest closing level since November 2020.

The major averages all closed in positive territory, with the Nasdaq leading the advance. While the Nasdaq surged 170.29 points or 1.5 percent to 11,434.74, the S&P 500 jumped 37.25 points or 1 percent to 3,978.73 and the Dow climbed 191.66 points or 0.6 percent to 32,120.28.

The major European markets also all moved to the upside over the course of the session. While the French CAC 40 Index advanced by 0.7 percent, the German DAX Index climbed by 0.6 percent and the U.K.'s FTSE 100 Index rose by 0.5 percent.

Crude oil futures settled higher on Wednesday, lifted by tight supplies and expectations of higher demand during the summer driving season. West Texas Intermediate Crude oil futures for July gained $0.56 or 0.5 percent at $110.33 a barrel.

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