Australian Market Significantly Higher

(RTTNews) - Recouping some of the losses in the previous five sessions, the Australian stock market is significantly higher on Friday, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving above the 7,400 level, with gains across most sectors led by financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 68.90 points or 0.94 percent to 7,415.40, after touching a high of 7,446.80 earlier. The broader All Ordinaries Index is up 71.80 points or 0.95 percent to 7,647.40. Australian markets ended notably lower on Thursday.

Among major miners, Rio Tinto and BHP Group are edging up 0.5 percent each, while Mineral Resources and Fortescue Metals are gaining more than 1 percent each. Oil stocks are mostly higher. Woodside Energy and Santos are gaining more than 1 percent each, while Beach energy is adding almost 2 percent. Origin Energy is edging down 0.5 percent.

Among tech stocks, WiseTech Global is gaining more than 2 percent, Appen is edging up 0.4 percent, Xero is advancing more than 3 percent, Zip is adding almost 2 percent and Afterpay owner Block is up more than 1 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are gaining almost 1 percent each, while Westpac is adding almost 2 percent and National Australia Bank is advancing more than 1 percent. Gold miners are mostly higher. Evolution Mining and Gold Road Resources are edging up 0.2 to 0.3 percent each, while Northern Star Resources is advancing more than 1 percent. Newmont is edging down 0.3 percent. Resolute Mining is flat.

In other news, shares in Mesoblast are skyrocketing more than 15 percent after receiving the nod from the US Food and Drug Administration (FDA) for cell therapy Revascor to treat a rare pediatric disease.

Shares in Whitehaven Coal are surging almost 6 percent after the company said it was on track to meet full-year coal production guidance.

In the currency market, the Aussie dollar is trading at $0.658 on Friday.

On Wall Street, stocks moved mostly higher over the course of the trading day on Thursday, largely offsetting the weakness seen to start the week. The major averages all moved to the upside, with the tech-heavy Nasdaq leading the advance.

The major averages reached new highs late in the session, closing firmly in positive territory. The Nasdaq surged 200.03 points or 1.4 percent to 15,055.65, the S&P 500 advanced 41.73 points or 0.9 percent to 4,780.93 and the S&P 500 climbed 201.94 points or 0.5 percent to 37,468.61.

The major European markets all also moved to the upside on the day. While the French CAC 40 Index jumped by 1.1 percent, the German DAX Index advanced by 0.8 percent and the U.K.'s FTSE 100 Index inched up by 0.2 percent.

Crude oil prices climbed higher Thursday, lifted by data showing a drop in U.S. crude inventories last week, and on higher forecasts for global demand. West Texas Intermediate Crude oil futures for February rallied $1.52 at $74.08 a barrel.