Australian Market Modestly Higher

(RTTNews) - Adding to the gains in the previous session, the Australian stock market is modestly higher on Friday, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is staying above the 7,600 level, with gains across most sectors led by mining and energy stocks amid spiking commodity prices.

The benchmark S&P/ASX 200 Index is gaining 29.70 points or 0.39 percent to 7,635.40, after touching a high of 7,681.10 earlier. The broader All Ordinaries Index is up 32.1 points or 0.41 percent to 7,883.80. Australian markets ended significantly higher on Thursday.

Among major miners, Rio Tinto is gaining more than 1 percent and Mineral Resources is adding almost 3 percent, while Fortescue Metals and BHP Group are advancing almost 1 percent. Oil stocks are mostly higher. Woodside Energy and Beach energy are gaining almost 2 percent each, while Santos is adding almost 1 percent. Origin Energy is losing almost 1 percent.

Among tech stocks, Afterpay owner Block and WiseTech Global are gaining more than 1 percent each, while Xero is edging up 0.1 percent and Appen is adding 1.5 percent. Zip is flat.

Among the big four banks, Commonwealth Bank and is gaining almost 1 percent, while National Australia Bank, ANZ Banking and Westpac are edging up 0.2 to 0.4 percent each. Gold miners are mostly higher. Gold Road Resources and Newmont are gaining almost 2 percent each, while Evolution Mining, Resolute Mining and Northern Star Resources are adding almost 3 percent each.

In the currency market, the Aussie dollar is trading at $0.651 on Friday.

On Wall Street, stocks showed a lack of direction early in the session on Thursday but moved mostly higher over the course of the trading day. The major averages extended the significant rebound seen during Wednesday's session, with the S&P 500 reaching a new record closing high.

The major averages finished the day just off their highs of the session. The Dow jumped 348.85 points or 0.9 percent to 38,773.12, the Nasdaq rose 47.03 points or 0.3 percent to 15,906.17 and the S&P 500 climbed 29.11 points or 0.6 percent to 5,029.73.

The major European markets also moved to the upside on the day. While the French CAC 40 Index advanced by 0.9 percent, the German DAX Index increased by 0.6 percent and the U.K.'s FTSE 100 Index climbed by 0.4 percent.

Crude oil futures ended higher on Thursday as the dollar weakened after the weak retail sales data raised hopes of a rate cut by the Federal Reserve in June. West Texas Intermediate Crude oil futures for March rallied $1.39 or 1.8 percent at $78.03 a barrel.