Australian Market Slightly Lower

(RTTNews) - The Australian stock market is slightly lower on Friday, extending the losses in the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,100 level, following the broadly negative cues from global markets overnight, as traders look to pick up stocks at a bargain. Gains in mining and energy stocks were more than offset by weakness in technology and financial stocks.

The benchmark S&P/ASX 200 Index is losing 1.00 points or 0.01 percent to 7,145.00, after hitting a low of 7,124.50 earlier. The broader All Ordinaries Index is down 3.00 points or 0.04 percent to 7,361.40. Australian markets ended notably lower on Thursday.

Among major miners, BHP Group, Mineral Resources and Fortescue Metals are gaining more than 1 percent each, while Rio Tinto is adding almost 1 percent. Oil stocks are mostly higher. Origin Energy is gaining more than 2 percent and Beach energy is edging up 0.2 percent, while Santos is edging down 0.3 percent. Woodside Energy is flat.

Among tech stocks, Afterpay owner Block and Xero are losing almost 2 percent each, while Zip is declining more than 2 percent and WiseTech Global is down almost 1 percent. Appen is edging up 0.5 percent.

Among the big four banks, Commonwealth Bank is losing almost 1 percent, while Westpac, ANZ Banking and National Australia Bank are edging down 0.1 to 0.3 percent each. Gold miners are mostly higher. Northern Star Resources and Evolution Mining are gaining more than 1 percent each, while Gold Road Resources and Newcrest Mining are up almost 1 percent each. Resolute Mining is advancing almost 2 percent.

In other news, shares in Imugene are plunging almost 13 percent after it closed a $35 million share placement and launched a $30 million share purchase plan.

Shares in Magellan Financial are soaring almost 17 percent after the global equities' manager said it will pay a final dividend of 39.8 cents and declared a special dividend of 30 cents to take full-year dividends to $1.167, despite posting lower full-year net profit and revenues.

In the currency market, the Aussie dollar is trading at $0.642 on Friday.

On Wall Street, stocks fell on Thursday, extending recent losses, amid concerns the Federal Reserve will hold interest rates higher for longer to control inflation. Stocks opened slightly higher, but retreated soon and then spent the rest of the day's session in the red.

The major averages all ended in the red, with the Nasdaq suffering a more pronounced loss, as yields on long term Treasury Notes climbed to a 16-year high. The Dow ended down 290.91 points or 0.84 percent at 34,474.83, the S&P 500 shed 33.97 points or 0.77 percent to settle at 4,370.36 and the Nasdaq dropped 157.70 points or 1.17 percent to 13,316.93.

The major European markets also moved to the downside on the day. The U.K.'s FTSE 100 ended 0.63 percent down, Germany's DAX declined 0.71 percent and France's CAC 40 dropped 0.94 percent.

Crude oil futures were up on Thursday, snapping a three-session losing streak on news of stimulus measures from China's central bank. West Texas Intermediate Crude oil futures for September climbed $1.01 or 1.3 percent at $80.39 a barrel.