Australian Market Modestly Higher

(RTTNews) - The Australian stock market is modestly higher on Thursday, extending the gains in the previous session, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving to a tad below the 7,600 level to ten-month highs, with gains across most sectors led by mining and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 33.00 points or 0.44 percent to 7,594.20, after touching a high of 7,600.90 earlier. The broader All Ordinaries Index is up 33.70 points or 0.43 percent to 7,830.40. Australian stocks ended significantly higher on Wednesday.

Among major miners, BHP Group and Rio Tinto are gaining almost 1 percent each, while Fortescue Metals and Mineral Resources are adding almost 2 percent each.

Oil stocks are mostly higher. Santos, Woodside Energy and Origin Energy are edging up 0.1 to 0.5 percent each, while Beach energy is edging down 0.5 percent.

In the tech space, WiseTech Global is edging down 0.4 percent, while Appen is surging almost 5 percent, Afterpay owner Block is gaining more than 1 percent and Xero is edging up 0.4 percent. Zip is flat.

Among the big four banks, Commonwealth Bank, National Australia Bank and Westpac are gaining almost 1 percent each, while ANZ Banking is edging up 0.5 percent.

Among gold miners, Resolute Mining is advancing more than 3 percent, Northern Star Resources is adding more than 1 percent and Gold Road Resources is edging up 0.3 percent, while Evolution Mining and Newmont are gaining 1.5 percent each.

In the currency market, the Aussie dollar is trading at $0.686 on Thursday.

On Wall Street, stocks showed a lack of direction throughout the trading session on Wednesday, with the major averages spending the day bouncing back and forth across the unchanged line. Despite the choppy trading, the Dow reached a new record closing high, and the Nasdaq and the S&P 500 ended the day at their best closing levels in almost two years.

The major averages eventually finished the day modestly higher. While the Dow rose 111.19 points or 0.3 percent to 37,656.52, the Nasdaq edged up 24.60 points or 0.2 percent to 15,099.18 and the S&P 500 inched up 6.83 points or 0.1 percent to 4,781.58.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index climbed by 0.4 percent, the German DAX Index rose by 0.2 percent and the French CAC 40 Index closed just above the unchanged line.

Crude oil prices fell Wednesday on reports that shipping companies have resumed travel via the Suez Canal and Red Sea again after a geopolitical pause. West Texas Intermediate Crude oil futures for February sank $1.46 or 1.9 percent at $74.11 a barrel.