Australian Market Modestly Higher

(RTTNews) - The Australian stock market is modestly higher on Friday, recouping the losses in the previous two sessions, with the benchmark S&P/ASX 200 moving above the 7,300 level, following the broadly positive cues from Wall Street overnight, with gains technology stocks which mirrored their peers on the tech-heavy Nasdaq.

The benchmark S&P/ASX 200 Index is gaining 19.40 points or 0.27 percent to 7,312.10, after touching a high of 7,329.60 earlier. The broader All Ordinaries Index is up 20.30 points or 0.27 percent to 7,502.50. Australian markets ended modestly lower on Thursday.

Among major miners, Mineral Resources and Rio Tinto are edging down 0.2 percent each, while Fortescue Metals is edging up 0.2 percent. BHP Group is flat.

Oil stocks are mostly lower. Woodside Energy and Origin Energy are edging down 0.1 to 0.3 percent each, while Santos is losing almost 1 percent. Beach energy is edging up 0.3 percent.

Among tech stocks, Xero and Zip are up almost 1 percent each, while WiseTech Global is gaining more than 1 percent and Appen is advancing more than 2 percent. Afterpay owner Block is losing more than 1 percent. Among the big four banks, Westpac, Commonwealth Bank, ANZ Banking and National Australia Bank are all gaining almost 1 percent each.

Gold miners are mixed. Gold Road Resources is losing more than 1 percent, Evolution Mining is edging down 0.4 percent and Northern Star Resources is declining more than 2 percent, while Resolute Mining is advancing more than 2 percent and Newcrest Mining is up almost 1 percent.

In the currency market, the Aussie dollar is trading at $0.663 on Friday.

On Wall Street, stocks moved sharply higher over the course of the trading session on Thursday, with the major averages all showing significant moves to the upside after ending Wednesday's trading mixed. The tech-heavy Nasdaq led the advance, adding to yesterday's gain.

The major averages pulled back off their highs of the session going into the close but held on to strong gains. The Nasdaq soared 287.89 points or 2.4 percent to 12,142.24, the S&P 500 surged 79.36 points or 2.0 percent to 4,135.35 and the Dow jumped 524.29 points or 1.6 percent to 33,826.16.

Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index fell by 0.3 percent, the German DAX Index closed just above the unchanged line and the French CAC 40 Index crept up by 0.2 percent.

Crude oil prices climbed higher on Thursday, supported by data showing a drop in crude inventories in the U.S. last week. West Texas Intermediate Crude oil futures for June ended higher by $0.46 or 0.6 percent at $74.76 a barrel.