Australian Market Modestly Higher

(RTTNews) - The Australian stock market is trading modestly higher on Friday, reversing the slight losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,600 level, with gains in financial and technology stocks partially offset by weakness in mining stocks.

The benchmark S&P/ASX 200 Index is gaining 15.30 points or 0.18 percent to 8,611.10, after touching a high of 8,616.80 earlier. The broader All Ordinaries Index is up 17.10 points or 0.19 percent to 8,850.70. Australian stocks closed slightly lower on Thursday.

Among major miners, BHP Group and Rio Tinto are losing almost 2 percent each, while Mineral Resources is edging down 0.1 percent. Fortescue Metals is flat.

Oil stocks are mostly lower. Santos is edging down 0.1 percent and Beach energy is losing almost 1 percent, while Origin Energy is gaining more than 1 percent. Woodside Energy is flat.

Among tech stocks, Afterpay-owner Block is losing almost 1 percent and Zip is edging down 0.3 percent, while WiseTech Global is gaining more than 1 percent, Appen is advancing more than 4 percent and Xero is adding almost 1 percent.

Among the big four banks, National Australia Bank, ANZ Banking and Westpac are edging up 0.3 to 0.5 percent each, while Commonwealth Bank is flat.

Gold miners are mostly lower. Evolution Mining is losing almost 1 percent, Resolute Mining is down more than 1 percent and Northern Star Resources is edging down 0.4 percent, while Newmont is gaining more than 1 percent. Gold Road Resources is flat.

In other news, shares in Silk Logistics are skyrocketing more than 22 percent after the ACCC announced it would not oppose DP World Australia's $174 million takeover of the national container services provider.

In the currency market, the Aussie dollar is trading at $0.657 on Friday.

On Wall Street, stocks saw continued strength during trading on Thursday after moving mostly higher over the course of Wednesday's session. With the continued advance, the Nasdaq and the S&P 500 once again reached new record closing highs.

The major averages moved roughly sideways after an early upward move, hovering firmly in positive territory. The Nasdaq jumped 207.97 points or 1.0 percent to 20,601.10, the S&P 500 advanced 51.93 points or 0.8 percent to 6,279.35 and the Dow climbed 344.11 points or 0.7 percent to 44,828.53.

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

Crude oil prices settled lower on Thursday as excess U.S. inventories and an upcoming OPEC+ meeting triggered supply side concerns. West Texas Intermediate crude for August delivery closed down by $0.45, to settle at $67 per barrel.