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Australian Market Extends Early Gains In Mid-market
(RTTNews) - The Australian stock market is extending its early gains in mid-market moves on Friday, reversing some of the losses in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving to near the 8,400 level, with gains is financial and technology stocks partially offset by weakness in mining and energy stocks.
The benchmark S&P/ASX 200 Index is gaining 28.60 points or 0.34 percent to 8,377.30, after touching a high of 8,380.60 and a low of 8,339.60 earlier. The broader All Ordinaries Index is up 31.40 points or 0.37 percent to 8,602.80. Australian stocks closed notably lower on Thursday.
Among major miners, BHP Group is edging down 0.4 percent, while Fortescue Metals and Rio Tinto are losing more than 1 percent each, while Mineral Resources is edging up 0.5 percent. Oil stocks are mostly lower. Woodside Energy and Beach energy are edging down 0.2 percent each, while Origin Energy is losing more than 1 percent. Santos is edging up 0.2 percent. Among tech stocks, Afterpay-owner Block is surging almost 6 percent, Xero is up more than 1 percent, Zip is advancing almost 4 percent and WiseTech Global is gaining almost 1 percent. Appen is flat.
Among the big four banks, Commonwealth Bank is adding almost 1 percent and Westpac is edging up 0.1 percent, while ANZ Banking and National Australia Bank are gaining more than 1 percent each.
Gold miners are mostly lower. Gold Road Resources and Northern Star Resources are edging down 0.2 to 0.3 percent each, while Evolution Mining and Newmont are losing almost 1 percent each. is edging up 0.3 percent. Resolute Mining is gaining almost 1 percent.
In other news, shares in Uranium miners rallied following a report US President Donald Trump will sign an executive order as soon as Friday to eases the regulatory process on approvals for new nuclear reactors, and strengthen supply chains. Paladin Energy leapt more than 7 percent, Boss Energy was up almost 12 percent and Deep Yellow jumped almost 9 percent.
In the currency market, the Aussie dollar is trading at $0.643 on Friday.
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