Australian Market Slightly Lower

(RTTNews) - Reversing the gains in the previous two sessions, the Australian stock market is slightly lower on Friday, despite the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is staying above the 7,800 level, with a mixed performance across most sectors as traders remain cautious ahead of the crucial US monthly jobs report later in the day.

The benchmark S&P/ASX 200 Index is losing 4.00 points or 0.05 percent to 7,827.80, after hitting a low of 7,807.70 earlier. The broader All Ordinaries Index is up 5.80 points or 0.07 percent to 8,073.30. Australian markets ended sharply higher on Thursday.

Among major miners, BHP Group and Rio Tinto are edging down 0.3 to 0.5 percent each, while Fortescue Metals is losing more than 1 percent. Mineral Resources is edging up 0.2 percent. Oil stocks are mixed. Santos is losing almost 1 percent, while Origin Energy and Beach energy are edging up 0.2 to 0.5 percent each. Woodside Energy is flat.

Among tech stocks, Afterpay owner Block is edging down 0.3 percent and Zip is losing more than 3 percent, while Xero and WiseTech Global are edging up 0.1 to 0.5 percent each. Appen is flat.

Among the big four banks, Commonwealth Bank, Westpac and National Australia Bank are edging down 0.2 to 0.4 percent each, while ANZ Banking is flat. Gold miners are mostly higher. Evolution Mining is gaining almost 1 percent and Resolute Mining is adding more than 1 percent, while Northern Star Resources, Newmont and Gold Road Resources are edging up 0.1 to 0.2 percent each.

In the currency market, the Aussie dollar is trading at $0.674 on Friday.

On Wall Street, the markets were closed for Independence Day on Thursday after closing mostly higher on Wednesday.

Meanwhile, the major European markets moved to the upside on this day. The U.K.'s FTSE 100 Index climbed by 0.9 percent, the French CAC 40 Index improved 0.8 percent and the German DAX Index rose by 0.4 percent.

Crude oil prices fell in cautious trade Thursday on worries about demand against the backdrop of slowing U.S. growth. The downside remained capped after data showed a much larger than expected drop in U.S. crude inventories in the week ended June 28th. West Texas Intermediate Crude oil futures for August were down half a percent at 83.43.