Australian Market Significantly Higher

(RTTNews) - The Australian stock market is significantly higher on Thursday, extending the gains in the previous three sessions, with the benchmark S&P/ASX 200 moving above the 7,100 level, following the broadly positive cues from global markets overnight, boosted by technology stock which mirrored their peers on the tech-heavy Nasdaq. Heavy-weight miners and banks are also gaining.

The benchmark S&P/ASX 200 Index is gaining 76.10 points or 1.08 percent to 7,126.40, after touching a high of 7,127.20 earlier. The broader All Ordinaries Index is up 78.90 points or 1.09 percent to 7,314.90. Australian stocks ended slightly higher on Wednesday.

Among major miners, BHP Group is gaining almost 3 percent. Fortescue Metals and Rio Tinto are adding more than 2 percent each, while Mineral Resources and OZ Minerals are edging up 0.2 percent each.

Oil stocks are mostly lower. Santos is losing more than 1 percent, Woodside Energy is edging down 0.4 percent and Beach energy is down almost 1 percent, while Origin Energy is edging up 0.1 percent. In the tech space, Appen is surging almost 7 percent, Zip is soaring more than 8 percent, Xero is up more than 1 percent, WiseTech Global is adding more than 2 percent and Afterpay owner Block is gaining 2.5 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking, National Australia Bank and Westpac are gaining more than 1 percent each.

Among gold miners, Northern Star Resources is edging down 0.2 percent, Newcrest Mining is losing 1.5 percent, Resolute Mining is declining almost 3 percent and Gold Road Resources is slipping almost 4 percent, while Evolution Mining is adding more than 1 percent.

In the currency market, the Aussie dollar is trading at $0.667 on Thursday.

On Wall Street, stocks showed a strong move to the upside during trading on Wednesday, more than offsetting the weakness seen in the previous session. The major averages all moved higher on the day, with the Nasdaq leading the advance.

The major averages reached new highs for the session going into the close of trading. The Nasdaq surged 210.16 points or 1.8 percent to 11,926.24, the S&P 500 shot up 56.54 points or 1.4 percent to 4,027.81 and the Dow jumped 323.35 points or 1.0 percent to 32,717.60.

The major European markets also showed strong moves to the upside on the day. While the French CAC 40 Index has shot up by 1.4 percent, the German DAX Index and the U.K.'s FTSE 100 Index jumped by 1.2 percent and 1.1 percent, respectively.

Crude oil futures failed to hold early gains and ended modestly lower on Wednesday, despite data showing a drop in crude stockpiles last week. West Texas Intermediate Crude oil futures for May faded $0.23 or 0.3 percent at $72.97 a barrel, coming off a high of $74.37 a barrel.