Australian Market Modestly Higher

(RTTNews) - The Australian market is modestly higher on Thursday, adding to the gains in the previous nine sessions, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is staying above the 8,000 mark, with gains across most sectors led by miners, technology and energy stocks.

The benchmark S&P/ASX 200 Index is gaining 28.00 points or 0.35 percent to 8,038.50, after touching a high of 8,039.70 earlier. The broader All Ordinaries Index is up 31.60 points or 0.38 percent to 8,265.60. Australian stocks ended modestly higher on Wednesday.

Among major miners, Rio Tinto is edging up 0.4 percent, BHP Group is gaining almost 1 percent, Fortescue Metals is adding 1.5 percent and Mineral Resources is advancing almost 2 percent.

Oil stocks are mostly higher. Woodside Energy and Beach energy are edging up 0.3 to 0.5 percent each, while Santos is gaining almost 1 percent. Origin Energy is losing almost 1 percent.

In the tech space, Afterpay owner Block and Xero are edging up 0.2 to 0.3 percent each, while WiseTech Global is adding almost 2 percent and Appen is advancing almost 4 percent. Zip is losing more than 1 percent.

Among the big four banks, Commonwealth Bank and National Australia Bank are edging up 0.2 to 0.3 percent each, while ANZ Banking Is gaining almost 1 percent. Westpac is edging down 0.2 percent.

Among gold miners, Evolution Mining and Resolute Mining are gaining almost 1 percent each, while Gold Road Resources and Newmont are edging up 0.1 percent each. Northern Star Resources is advancing 2.5 percent.

In other news, shares in Megaport are plummeting more than 18 percent after its result missed expectations.

Shares in Collins Foods are plunging more than 12 percent after it warned its profit margins will fall in fiscal 2025 due to rising labour, energy and store costs.

Shares in G8 Education are sinking almost 15 percent after the childcare giant flagged difficult times ahead for the industry coming into the new financial year, despite growing profits and earnings in the first half of 2024.

Shares in Whitehaven Coal are surging almost 6 percent after it sold a 30 per cent stake in Blackwater mine to Nippon Steel for $1.1 billion. Completion of the deal is expected in early 2025.

In the currency market, the Aussie dollar is trading at $0.675 on Thursday.

On Wall Street, stocks moved back to the upside during trading on Wednesday following the modest pullback seen in the previous session. The major averages fluctuated over the course of the trading day but managed to close in positive territory.

The Nasdaq and the S&P 500 closed higher for the ninth time in the past ten sessions. The Nasdaq climbed 102.05 points or 0.6 percent to 17,918.99 and the S&P 500 rose 23.73 points or 0.4 percent to 5,620.85, while the narrower Dow inched up 55.52 points or 0.1 percent to 40,890.49.

The major European markets all also moved to the upside on the day. While the U.K.'s FTSE 100 Index inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index both climbed by 0.5 percent.

Crude oil prices fell to a seven-month low on Wednesday amid concerns about the outlook for demand, despite data showing a big drop in U.S. crude inventories in the week ended August 16th. West Texas Intermediate Crude oil futures for October ended down $1.24 or about 1.7 percent at $71.93 a barrel.