Australian Market Modestly Higher

(RTTNews) - The Australian market is trading modestly higher on Thursday, extending the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,450 level, with gains across most sectors led by mining and energy stocks.

Recent data also showed core inflation eased by more than expected in the final three months of 2024, fueling bets for a quarter point easing by the Reserve Bank of Australia in February.

The benchmark S&P/ASX 200 Index is gaining 30.70 points or 0.36 percent to 8,477.70, after touching a high of 8,479.40 earlier. The broader All Ordinaries Index is up 31.70 points or 0.36 percent to 8,732.40. Australian stocks ended notably higher on Wednesday.

Among major miners, BHP Group and Fortescue Metals are gaining almost 1 percent each, while Rio Tinto is adding more than 1 percent. Mineral Resources is slipping 4.2 percent.

Oil stocks are mostly higher. Woodside Energy, Santos and Beach energy are gaining almost 1 percent each, while Origin Energy is flat.

In the tech space, WiseTech Global is edging up 0.4 percent, while Xero is edging down 0.1 percent, Appen is sliding almost 9 percent and Zip is tumbling more than 19 percent, despite reporting upbeat results. Afterpay owner Block is in a trading halt.

Among the big four banks, Commonwealth Bank, ANZ Banking and Westpac are edging up 0.1 to 0.5 percent each, while National Australia Bank is gaining almost 1 percent. Among gold miners, Gold Road Resources is gaining almost 2 percent, Evolution Mining is adding more than 1 percent, while Northern Star Resources and Newmont are edging up 0.2 to 0.4 percent each. Resolute Mining is losing almost 2 percent.

In the currency market, the Aussie dollar is trading at $0.624 on Thursday.

On Wall Street, stocks moved mostly lower over the course of the trading day on Wednesday, partly offsetting the notable rebound seen in the previous session. The major averages climbed off their worst levels in late-day trading but still closed in negative territory.

The Nasdaq slid 101.26 points or 0.5 percent to 19,632.32, the S&P 500 fell 28.39 points or 0.5 percent to 6,039.31 and the Dow dipped 136.83 points or 0.3 percent to 44,713.52.

Meanwhile, the major European markets turned in a mixed performance on the day. While the French CAC 40 Index fell 0.3 percent, the U.K.'s FTSE 100 Index rose by 0.3 percent and the German DAX Index jumped by 1.0 percent.

Crude oil prices dropped on Wednesday after data showed crude inventories in the U.S. rose last week, while concerns about the outlook for oil demand from China continued to weigh on prices. West Texas Intermediate Crude oil futures ended lower by $1.15 or 1.56 percent at $72.62 a barrel.