Australian Market Significantly Higher

(RTTNews) - Recouping some of the losses in the previous three sessions, the Australian stock market is significantly higher on Friday, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving to near the 7,700 level, with gains across most sectors led by gold miners and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 54.10 points or 0.71 percent to 7,682.30, after touching a high of 7,687.60 earlier. The broader All Ordinaries Index is up 51.70 points or 0.66 percent to 7,947.60. Australian markets ended notably lower on Thursday.

Among major miners, BHP Group and Mineral Resources are edging up 0.1 to 0.2 percent each, while Rio Tinto is gaining almost 1 percent. Fortescue Metals is losing almost 1 percent. Oil stocks are mostly higher. Beach energy and Woodside Energy are edging up 0.1 to 0.5 percent each, while Origin Energy and Santos are adding almost 1 percent each.

Among tech stocks, WiseTech Global is edging up 0.1 percent, Zip is advancing more than 2 percent and Appen is adding almost 1 percent, while Xero is edging down 0.1 percent and Afterpay owner Block is losing almost 1 percent.

Among the big four banks, Commonwealth Bank, Westpac, and National Australia Bank are gaining almost 1 percent each, while ANZ Banking is edging up 0.5 percent. Gold miners are mostly higher. Evolution Mining and Gold Road Resources are gaining almost 1 percent each, while Northern Star Resources is adding more than 2 percent, Resolute Mining is advancing more than 3 percent and Newmont is up almost 2 percent.

In other news, shares in Telix Pharmaceuticals are jumping 10 percent after broker Wilsons issued a positive note on the biotech sensation's business.

In the currency market, the Aussie dollar is trading at $0.664 on Friday.

On Wall Street, stocks saw further downside during trading on Thursday after ending Wednesday's session mostly lower. The major averages all finished the day firmly in negative territory, with the Dow once again falling to its lowest closing level in almost a month.

The Nasdaq and the S&P 500 fell to new lows for the session late in the day but regained some ground going into the close. The Dow slid 330.06 points or 0.9 percent to 38,11.48, the Nasdaq slumped 183.50 points or 1.1 percent to 16,737.08 and the S&P 500 fell 31.47 points or 0.6 percent to 5,235.48.

Meanwhile, the major European markets moved to the upside on the day. While the German DAX Index crept up by 0.1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both climbed by 0.6 percent.

Crude oil prices ended sharply lower on Thursday as a jump in gasoline inventories weighed on oil prices. West Texas Intermediate Crude oil futures for July ended down by $1.32 or 1.7 percent at $77.91 a barrel.