Australian Market Significantly Higher

(RTTNews) - The Australian market is significantly higher on Thursday, extending the gains in the previous session, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving to a tad below the 7,900 level to fresh all-time highs, with gains across most sectors led by energy and mining stocks amid firmer gold, iron ore and lithium prices.

The benchmark S&P/ASX 200 Index is gaining 76.30 points or 0.98 percent to 7,895.90, after touching an all-time high of 7,901.20 earlier. The broader All Ordinaries Index is up 75.30 points or 0.93 percent to 8,148.90. Australian stocks ended notably higher on Wednesday.

Among major miners, Rio Tinto is gaining 1.5 percent, Fortescue Metals is up more than 1 percent, Mineral Resources is adding almost 3 percent and BHP Group is advancing almost 2 percent.

Oil stocks are mostly higher. Santos and Woodside Energy are edging up 0.2 to 0.3 percent each, while Origin Energy and Beach energy are adding more than 1 percent each.

In the tech space, Appen is gaining almost 1 percent and WiseTech Global is edging up 0.2 percent, while Xero is losing more than 1 percent, Afterpay owner Block is down almost 1 percent and Zip is declining almost 4 percent.

Among the big four banks, Commonwealth Bank, Westpac, ANZ Banking and National Australia Bank are edging up 0.2 to 0.4 percent each.

Among gold miners, Evolution Mining is gaining more than 2 percent, Gold Road Resources is adding almost 2 percent, Resolute Mining is surging more than 6 percent, Northern Star Resources is advancing almost 2 percent and Newmont is up more than 3 percent.

In the currency market, the Aussie dollar is trading at $0.652 on Thursday.

On Wall Street, stocks fluctuated over the course of the trading session on Wednesday but managed to end the day mostly higher thanks to a late-day surge. With the upward move, the Dow and the S&P 500 snapped three-day losing streaks.

The major averages all moved to the upside, with the Dow posting a standout gain. While the Dow jumped 477.75 points or 1.2 percent to 39,760.08, the S&P 500 advanced 44.91 points or 0.9 percent to 5,248.49 and the Nasdaq climbed 83.82 points or 0.5 percent to 16,399.52.

The major European markets all also moved to the upside on the day. While the German DAX Index climbed by 0.5 percent, the French CAC 40 Index rose by 0.3 percent and the U.K.'s FTSE 100 Index closed just above the unchanged line.

Crude oil prices dropped on Wednesday after data showed an unexpected increase in U.S. crude and gasoline inventories last week. West Texas Intermediate Crude oil futures for May ended lower by $0.27 or 0.33 percent at $81.35 a barrel.