Australian Market Significantly Higher

(RTTNews) - The Australian market is significantly higher on Thursday, adding to the gains in the previous session, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving above the 7,800 level, with gains across most sectors led by gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 56.10 points or 0.72 percent to 7,825.10, after touching a high of 7,825.60 earlier. The broader All Ordinaries Index is up 56.20 points or 0.70 percent to 7,078.40. Australian stocks ended modestly higher on Wednesday.

Among major miners, Rio Tinto is losing more than 1 percent, while Fortescue Metals is edging up 0.3 percent and Mineral Resources is adding almost 1 percent. BHP Group is flat.

Oil stocks are mostly higher. Woodside Energy, Beach energy and Santos are edging up 0.1 to 0.2 percent each, while Origin Energy is adding almost 1 percent.

In the tech space, Xero and Appen are adding almost 1 percent each, while Zip is edging up 0.4 percent and WiseTech Global is gaining 2.5 percent. Afterpay owner Block is edging down 0.2 percent.

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

Among gold miners, Evolution Mining and Resolute Mining are gaining almost 2 percent each, while Gold Road Resources is advancing more than 3 percent, Newmont is adding almost 1 percent and Northern Star Resources is rising more than 2 percent.

In other news, shares in IDP Education are tumbling 8 percent after it warned of a large reduction in business due to restrictive policy in Australia and around the world for international students.

Shares in SkyCity are plunging 18 percent after the Auckland casino operator trimmed its guidance for net profit in financial 2024, blaming the weak economy in recession-hit New Zealand and a delay in launching a new hotel project.

In the currency market, the Aussie dollar is trading at $0.667 on Thursday.

On Wall Street, stocks moved sharply higher over the course of the trading day on Wednesday, adding to the modest gains posted in the previous session. With the rally on the day, the Nasdaq and the S&P 500 reached new record closing highs.

The Nasdaq and the S&P 500 saw further upside going into the close, reaching new highs for the session. The Nasdaq surged 330.86 points or 2.0 percent to 17,187.90 and the S&P 500 jumped 62.69 points or 1.2 percent to 5,354.03, while the narrower Dow posted a more modest gain, rising 96.04 points or 0.3 percent to 38,807.33.

The major European markets all also moved to the upside on the day. While the U.K.'s FTSE 100 Index edged up by 0.2 percent, the French CAC 40 Index and the German DAX Index both advanced by 0.9 percent.

Crude oil prices bounced higher from four-month lows after OPEC decided not to extend production cuts. West Texas Intermediate for July delivery was up $1.04 or 1.42 percent to $74.29 per barrel.