Australian Market Notably Higher

(RTTNews) - The Australian stock market is notably higher on Friday, reversing the losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,400 level, with gains in financial and technology stocks partially offset by weakness in mining and energy stocks.

The benchmark S&P/ASX 200 Index is gaining 35.20 points or 0.42 percent to 8,413.90, after touching a high of 8,419.00 and low of 8,314.50 earlier. The broader All Ordinaries Index is up 35.10 points or 0.41 percent to 8,464.20. Australian stocks closed notably lower on Thursday.

Among major miners, BHP Group and Fortescue Metals are edging up 0.1 to 0.5 ercent each, while Rio Tinto and Mineral Resources are edging down 0.1 to 0.4 percent each.

Oil stocks are mostly lower. Santos is edging down 0.4 percent, while Beach energy and Woodside Energy are losing almost 1 percent each. Origin Energy is gaining almost 1 percent.

Among tech stocks, Appen is gaining more than 2 percent, while WiseTech Global, Xero and Zip are edging up 0.2 to 0.3 percent each. Afterpay-owner Block is flat.

Among the big four banks, Commonwealth Bank and National Australia Bank are gaining almost 1 percent each, while Westpac and ANZ Banking are edging down 0.3 percent each. Gold miners are mostly lower. Evolution Mining and Resolute Mining are declining almost 2 percent each, while Northern Star Resources is losing almost 1 percent and Gold Road Resources is edging down 0.4 percent. Newmont is edging up 0.2 percent.

In other news, shares in Kogan.com are tumbling more than 13 percent after the online retailer posted strong results for the first half of the 2025 financial year, but was short of market expectations..

Shares in 4DMedical jumped more than 6 percent after the company struck a deal with Queensland-based Qscan Radiology Clinics to supply proprietary pulmonary function and pulmonary structure products.

Shares in Synlait Milk are skyrocketing more than 22 percent after the dairy processor boosted its guidance for the first-half and said the company would "return to profitability" this year.

In the currency market, the Aussie dollar is trading at $0.628 on Friday.

On Wall Street, stocks moved mostly higher over the course of the trading day on Thursday, extending the strong upward move seen over the past several sessions. The S&P 500 closed higher for the seventh time in the past eight sessions, reaching a new record closing high.

The major averages reached new highs going into the close of trading. The Dow jumped 408.34 points or 0.9 percent to 44,565.07, the S&P 500 climbed 32.34 points or 0.5 percent to 6,118.71 and the Nasdaq rose 44.34 points or 0.2 percent at 20,051.68.

The major European markets all also moved to the upside on the day. While the U.K.'s FTSE 100 Index rose by 0.2 percent, the French CAC 40 Index and the German DAX Index both climbed by 0.7 percent.

Crude oil prices fell on Thursday after data showed crude inventories in the U.S. fell less than expected last week. West Texas Intermediate Crude oil futures for March closed down $0.82 or about 1.1 percent at $74.62 a barrel.