Australian Market Modestly Lower

(RTTNews) - The Australian stock market is trading modestly lower on Friday, extending the losses in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying well below the psychological 8,000 mark, with weakness in financial and technology stocks partially offset by gains in energy and mining stocks.

The benchmark S&P/ASX 200 Index is losing 13.20 points or 0.17 percent to 7,955.80, after hitting a low of 7,941.50 earlier. The broader All Ordinaries Index is down 14.80 points or 0.18 percent to 8,170.70. Australian stocks closed modestly lower on Thursday.

Among major miners, BHP Group and Fortescue Metals are edging down 0.1 percent each, while Mineral Resources is gaining almost 3 percent. Rio Tinto is flat.

Oil stocks are mostly higher. Santos is gaining almost 1 percent, while Woodside Energy and Beach energy are edging up 0.3 to 0.4 percent each. Origin Energy is losing almost 1 percent.

Among tech stocks, Afterpay-owner Block is losing almost 4 percent and Zip is slipping almost 2 percent, while Xero and WiseTech Global are declining more than 1 percent each. Appen is gaining more than 1 percent.

Among the big four banks, Commonwealth Bank is declining almost 1 percent, while National Australia Bank and ANZ Banking are edging down 0.3 to 0.5 percent each. Westpac is edging up 0.3 percent.

Gold miners are mostly higher. Evolution Mining is gaining almost 3 percent, Resolute Mining is up more than 2 percent, Northern Star Resources is advancing almost 4 percent and Newmont is adding more than 1 percent. Gold Road Resources is flat.

In the currency market, the Aussie dollar is trading at $0.629 on Friday.

On Wall Street, stocks showed a lack of direction over the course of the trading session on Thursday after recovering from an initial move to the downside. The major averages bounced back and forth across the unchanged line before eventually closing lower.

With the lower close on the day, the major averages extended the sharp pullback seen on Wednesday. The Nasdaq slid 94.98 points or 0.5 percent to 17,804.03, the Dow fell 155.09 points or 0.4 percent to 42,299.70 and the S&P 500 dipped 18.89 points or 0.3 percent to 5,693.31.

The major European markets all also moved to the downside on the day. While the German DAX Index slid by 0.7 percent, the French CAC 40 Index decreased by 0.5 percent and the U.K.'s FTSE 100 Index dipped by 0.3 percent.

Crude oil prices moved higher Thursday on supply concerns after data showed a sharp drop in U.S. crude oil inventories last week. West Texas Intermediate Crude oil futures for May closed up $0.19 or about 0.27 percent at $69.84 a barrel.