Australian Market Notably Higher

(RTTNews) - The Australian stock market is trading notably higher on Thursday, adding to the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,400 level to near all-time highs, with gains in energy, financial and technology stocks partially offset weakness in gold miners stocks.

The benchmark S&P/ASX 200 Index is gaining 41.50 points or 0.49 percent to 8,448.20, after touching a high of 8,453.60 earlier. The broader All Ordinaries Index is up 43.90 points or 0.51 percent to 8,703.50. Australian stocks ended notably higher on Wednesday.

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

In the tech space, Afterpay owner Block and WiseTech Global are gaining almost 1 percent each, while Xero is edging up 0.1 percent and Zip is advancing almost 3 percent. Appen is losing more than 2 percent.

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

Among gold miners, Evolution Mining is edging down 0.5 percent and Gold Road Resources is losing more than 1 percent, while Northern Star Resources and Newmont are declining more than 1 percent each. Resolute Mining is advancing more than 3 percent.

In economic news, the value of new capital expenditure in Australia was up a seasonally adjusted 1.1 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Thursday - coming in at A$43.838 billion. That beat forecasts for an increase of 0.9 percent following the 2.2 percent decline in the three months prior. On a yearly basis, overall capex was up 1.0 percent.

In the currency market, the Aussie dollar is trading at $0.650 on Thursday.

On Wall Street, stocks gave back some ground during trading on Wednesday after trending higher over the past several sessions. The tech-heavy Nasdaq led the way lower, while the Dow and the S&P 500 pulled back off Tuesday's record closing highs.

The Nasdaq climbed well off its worst levels of the day but still closed down 115.10 points or 0.6 percent at 19,060.48. The Dow fell 138.25 points or 0.3 percent to 44,722.06 and the S&P 500 slid 22.8 points or 0.4 percent to 5,998.74, snapping a seven-session winning streak.

Meanwhile, the major European markets ended the day mixed. While the U.K.'s FTSE 100 Index rose by 0.2 percent, the German DAX Index dipped by 0.2 percent and the French CAC 40 Index fell by 0.7 percent.

Crude oil prices moved slightly lower on Wednesday as traders weighed news of a ceasefire between Israel and Hezbollah against data showing a bigger than expected drop by U.S. crude oil inventories. West Texas Intermediate for January delivery eased $0.05 or 0.1 percent to $68.72 a barrel.