Australian Market Modestly Higher

(RTTNews) - Australian shares are trading modestly higher on Wednesday, recouping some of the losses in the previous session, with the benchmark S&P/ASX 200 staying well above the 7,800 level, following the broadly positive cues from Wall Street overnight, with gains in miners and financial stocks partially offset by weakness in technology stocks.

The benchmark S&P/ASX 200 Index is gaining 17.50 points or 0.22 percent to 7,869.20, after touching a high of 7,875.20 earlier. The broader All Ordinaries Index is up 19.70 points or 0.24 percent to 8,139.90. Australian stocks ended modestly lower on Tuesday.

Among major miners, Rio Tinto is gaining more than 1 percent, Fortescue Metals is adding almost 2 percent and BHP Group is edging up 0.4 percent. Mineral Resources is flat.

Oil stocks are mostly higher. Santos and Beach energy are edging up 0.1 to 0.3 percent each, while Woodside Energy is losing almost 1 percent. Origin Energy is gaining more than 1 percent. In the tech space, Appen is losing 2.5 percent, Zip is declining 1.5 percent and Afterpay owner Block is slipping almost 3 percent, while WiseTech Global is edging up 0.2 percent. Xero is flat. Among the big four banks, Commonwealth Bank, National Australia Bank and Westpac are edging up 0.1 to 0.3 percent each, while ANZ Banking is gaining almost 1 percent.

Among gold miners, Newmont is edging up 0.3 percent, Resolute Mining is soaring almost 8 percent, Gold Road Resources is gaining more than 1 percent, while Evolution Mining is edging down 0.1 percent and Northern Star Resources is losing almost 1 percent.

In other news, shares in Webjet are soaring more than 11 percent after it flagged plans to split its consumer and business facing operations into two separate ASX-listed entities. Full-year 2024 group bookings and profits also climbed.

Shares in Telix Pharmaceuticals jumped 8 percent after the biotech held its annual general meeting and confirmed plans to float scrip on the Nasdaq index.

In the currency market, the Aussie dollar is trading at $0.667 on Wednesday.

On the Wall Street, stocks showed a lack of direction throughout much of the trading day on Tuesday following the mixed performance seen in the previous session. Despite the choppy trading on the day, the S&P 500 and the Nasdaq reached new record closing highs.

The major averages spent the day bouncing back and forth across the unchanged but moved to the upside going into the close. The S&P 500 climbed 13.28 points or 0.3 percent to 5,321.41, the Nasdaq rose 37.75 points or 0.2 percent to 16,832.62 and the Dow edged up 66.22 points or 0.2 percent to 39,872.99.

Meanwhile, the major European markets moved to the downside on the day. While the French CAC 40 Index slid by 0.7 percent, the German DAX Index and the U.K.'s FTSE 100 Index edged down by 0.2 percent and 0.1 percent, respectively.

Crude oil prices fell on Tuesday, slumping for a second straight session amid concerns that the central bank might keep rates higher for a longer period. West Texas Intermediate Crude oil futures for June dropped to around $79.06 a barrel, down 0.74 or 0.93 percent.