Australian Market Slightly Lower

(RTTNews) - The Australian market is slightly lower in choppy trading on Thursday, giving up some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,950 level, with weakness in iron ore miners, energy and technology stocks partially offset by gains in financial stocks. The benchmark S&P/ASX 200 Index is losing 11.50 points or 0.13 percent to 8,949.00, after hitting a low of 8,948.20 and a high of 8,974.20 earlier. The broader All Ordinaries Index is down 18.60 points or 0.20 percent to 9,212.50. Australian stocks ended modestly higher on Wednesday.

Among major miners, Rio Tinto and BHP Group are losing almost 1 percent each, while Mineral Resources is declining more than 3 percent. Fortescue is gaining more than 1 percent. Oil stocks are mostly lower. Beach energy is losing more than 4 percent, Woodside Energy is declining 3.5 percent and Santos is down almost 1 percent, while Origin Energy is edging up 0.4 percent.

In the tech space, Afterpay owner Block is edging down 0.1 percent, WiseTech Global is declining almost 6 percent and Appen is losing more than 1 percent, while Zip is gaining almost 2 percent and Xero is edging up 0.4 percent.

Among the big four banks, Commonwealth Bank is gaining more than 1 percent, National Australia Bank is advancing almost 2 percent, ANZ Banking are edging up 0.4 percent and Westpac is adding almost 1 percent.

Among gold miners, Northern Star Resources and Resolute Mining are losing almost 1 percent each, while Gold Road Resources and Newmont are edging up 0.1 to 0.2 percent each. Evolution Mining is edging down 0.2 percent.

In other news, shares in IDP Education are soaring more than 32 percent as its full-year results were better than expected, despite posting a 14 percent drop in revenue as a crackdown on international students weighed on placement and testing volumes.

Shares in Eagers Automotive are jumping almost 15 per cent after the car dealership group grew half-year net profit by 2.3 percent as it made outsized gains in the electric vehicle and hybrid market.

Shares in Qantas are surging almost 12 percent after reporting a $2.39 billion record profit for the full year, up $316 million for a year ago. It also declared a special dividend.

Shares in Ramsay Healthcare are diving almost 14 percent after solid earnings for its Australian and UK operations was offset by challenges at its British mental health service business Elysium and its European hospitals business.

Shares in Telix Pharmaceuticals are tumbling more than 16 percent after the FDA identified deficiencies in the Chemistry, Manufacturing, and Controls (CMC) package for its Zircaix product undergoing testing.

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

On Wall Street, stocks saw some further upside during trading on Wednesday after ending yesterday's choppy trading session mostly higher. While buying interest was somewhat subdued, the S&P 500 managed to reach a new record closing high.

The major averages all posted modest gains on the day. The Dow rose 147.16 points or 0.3 percent to 45,565.23, the Nasdaq edged up 45.87 points or 0.2 percent at 21,590.14 and the S&P 500 crept up 15.46 points or 0.2 percent to 6,481.40.

Meanwhile, the major European markets ended the day mixed. While the French CAC 40 Index climbed by 0.4 percent, the U.K.'s FTSE 100 Index edged down by 0.1 percent and the German DAX Index fell by 0.4 percent.

Crude oil prices surged on Wednesday after U.S. crude and gasoline inventories fell more than expected last week. West Texas Intermediate crude for October delivery was up $0.83 or 1.33 percent at $64.08 per barrel.