Australian Market Modestly Higher

(RTTNews) - The Australian stock market is trading modestly higher on Friday, snapping a four-session losing streak, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to stay below the 7,800 level, with gains is iron ore miners and gold miners amid spiking metal prices.

The benchmark S&P/ASX 200 Index is gaining 29.50 points or 0.38 percent to 7,778.60, after touching a high of 7,779.40 earlier. The broader All Ordinaries Index is up 29.10 points or 0.37 percent to 7,995.70. Australian stocks closed notably lower on Thursday.

Among major miners, BHP Group and Rio Tinto are gaining almost 2 percent each, while Fortescue Metals is adding more than 2 percent and Mineral Resources is up more than 1 percent.

Oil stocks are mostly lower. Woodside Energy is losing more than 1 percent, Santos is edging down 0.2 percent and Beach energy is declining almost 2 percent, while Origin Energy is up more than 1 percent.

Among tech stocks, Afterpay-owner Block is losing more than 1 percent and Zip is slipping almost 1 percent. Xero and WiseTech Global are edging up 0.2 to 0.3 percent each, while Appen is gaining almost 1 percent.

Among the big four banks, National Australia Bank is gaining more than 1 percent, while Westpac and ANZ Banking are edging up 0.1 to 0.3 percent each. Commonwealth Bank is edging down 0.1 percent. Gold miners are mostly higher. Evolution Mining is gaining almost 4 percent, Resolute Mining is surging 8.5 percent, Northern Star Resources is adding almost 3 percent, Newmont is advancing almost 5 percent and Gold Road Resources is up more than 1 percent.

In the currency market, the Aussie dollar is trading at $0.629 on Friday.

On Wall Street, stocks moved sharply lower over the course of the trading day on Thursday, more than offsetting the gains posted during Wednesday's session. The major averages tumbled to six-month closing lows, with the S&P 500 entering correction territory more than 10 percent below February's record highs.

The major averages ended the day off their worst levels but still firmly negative. The Nasdaq plunged 345.44 points or 2.0 percent to 17,303.01, the S&P 500 slumped 77.78 points or 1.4 percent to 5,521.52 and the Dow dove 537.36 points or 1.3 percent to 40,813.57.

The major European markets also moved to the downside on the day. The French CAC 40 Index and the German DAX Index declined by 0.6 percent and 0.5 percent, respectively, although the U.K.'s FTSE 100 Index closed just above the unchanged line.

Crude oil prices fell on Thursday amid prospects of excess supply in the market, and on concerns about the outlook for demand. West Texas Intermediate Crude oil futures for April ended lower by $1.13 or 1.7 percent at $66.55 a barrel.