Australian Market Modestly Lower

(RTTNews) - The Australian stock market is modestly lower on Friday, giving up some of the gains in the previous session, despite the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is staying below the 7,800 level, with losses in index heavyweights, financial and energy stocks partially offset by gains in technology stocks.

The benchmark S&P/ASX 200 Index is losing 26.50 points or 0.34 percent to 7,755.50, after hitting a low of 7,745.80 earlier. The broader All Ordinaries Index is down 28.80 points or 0.36 percent to 8,015.80. Australian markets ended significantly higher on Thursday.

Among major miners, BHP Group and Rio Tinto are edging up 0.3 to 0.4 percent each, while Mineral Resources is gaining almost 1 percent. Fortescue Metals is edging down 0.5 percent. Oil stocks are mostly lower. Woodside Energy and Beach energy are losing more than 1 percent each, while Santos is losing almost 1 percent. Origin Energy is edging up 0.4 percent.

Among tech stocks, Appen is advancing 2.5 percent, Afterpay owner Block is gaining more than 2 percent, Xero is edging up 0.2 percent and Zip is adding 1.5 percent. WiseTech Global is flat.

Among the big four banks, National Australia Bank is losing more than 1 percent and ANZ Banking is edging down 0.3 percent, while Commonwealth Bank and Westpac are declining almost 1 percent each. Gold miners are mixed. Evolution Mining is losing more than 1 percent and Resolute Mining is declining more than 3 percent, while Gold Road Resources is gaining more than 1 percent, Northern Star Resources is edging up 0.1 percent and Newmont is adding almost 1 percent.

In other news, shares in Fisher & Paykel Healthcare rallied almost 5 percent after the company upgraded its earnings guidance for financial year 2024.

In the currency market, the Aussie dollar is trading at $0.657 on Friday.

On Wall Street, stocks showed a strong move to the upside in early trading on Thursday but gave back ground over the course of the session. While the major averages pulled back well off their best levels of the day, they still ended the session at new record closing highs.

The Dow finished the day firmly in positive territory, while the S&P 500 and the Nasdaq posted more modest gains. The Dow climbed 269.24 points or 0.7 percent to 39,781.37, the S&P 500 rose 16.91 points or 0.3 percent at 5,241.53 and the Nasdaq edged up 32.43 points or 0.2 percent to 16,401.84.

The major European markets all also moved to the upside on the day. While the U.K.'s FTSE 100 Index surged by 1.9 percent, the German DAX Index jumped by 0.9 percent, the French CAC 40 Index edged up by 0.2 percent.

Crude oil futures settled lower on Thursday, weighed down by a stronger dollar and weak gasoline demand in the U.S. West Texas Intermediate Crude oil futures for May dipped $0.20 at $81.07 a barrel.