Australian Market Extends Early Gains In Mid-market

(RTTNews) - The Australian stock market is extending its early gains in mid-market moves on Friday, adding to the gains in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,200 level, with gains in technology and energy stocks partially offset by weakness in mining stocks.

The benchmark S&P/ASX 200 Index is gaining 39.70 points or 0.49 percent to 8,231.40, after touching a high of 8,231.70 earlier. The broader All Ordinaries Index is up 39.70 points or 0.47 percent to 8,461.40. Australian stocks closed modestly higher on Thursday.

Among major miners, Rio Tinto and BHP Group are losing almost 1 percent each, while Mineral Resources is gaining almost 2 percent and Fortescue Metals is edging up 0.1 percent. Oil stocks are mostly higher. Origin Energy is gaining more than 1 percent and Beach energy is advancing almost 2 percent, while Santos and Woodside Energy are adding more than 2 percent each.

Among tech stocks, Afterpay-owner Block is gaining more than 4 percent, Appen is surging more than 7 percent, WiseTech Global is adding more than 2 percent and Xero is up 2.5 percent. Zip is flat.

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

Gold miners are mostly lower. Evolution Mining and Resolute Mining are losing almost 3 percent each, while Northern Star Resources is down more than 1 percent and Newmont is declining almost 2 percent. Gold Road Resources is edging up 0.2 percent.

In other news, shares in Avita Medical are slumping almost 17 percent despite reaffirming expectations for a 55 percent to 65 per cent jump in full-year commercial revenue after the wound care product provider reported significant growth in both new and existing customer accounts.

In the currency market, the Aussie dollar is trading at $0.639 on Friday.