Australian Market Significantly Higher

(RTTNews) - The Australian stock market is trading significantly higher on Friday, adding to the gains in the previous seven sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving to near the 8,400 level, with gains across most sectors led by mining, financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 80.80 points or 0.97 percent to 8,378.30, after touching a high of 8,398.20 earlier. The broader All Ordinaries Index is up 80.40 points or 0.94 percent to 8,610.20. Australian stocks closed modestly higher on Thursday.

Among major miners, BHP Group, Fortescue Metals and Rio Tinto are gaining more than 1 percent each, while Mineral Resources is losing almost 1 percent. Oil stocks are mostly higher. Origin Energy and Santos are gaining almost 1 percent each, while Woodside Energy and Beach energy are edging up 0.4 to 0.5 percent each.

Among tech stocks, Afterpay-owner Block and Xero are losing almost 1 percent each, while Zip and WiseTech Global are gaining almost 1 percent each. Appen is skyrocketing more than 17 percent after it provided upbeat full-year revenue guidance and a target for "positive" underlying earnings.

Among the big four banks, Commonwealth Bank and National Australia Bank are gaining almost 1 percent each, while ANZ Banking and Westpac are adding more than 1 percent each.

Gold miners are mostly higher. Evolution Mining, Resolute Mining and Newmont are surging more than 4 percent each, while Gold Road Resources is gaining almost 2 percent and Northern Star Resources is adding more than 3 percent.

In other news, shares in Catalyst Metals are surging more than 7 percent after the gold miner said it received the final environmental approval from the DEMIRS to develop its Trident gold project located in Western Australia.

In the currency market, the Aussie dollar is trading at $0.640 on Friday.

On Wall Street, stocks turned in another relatively lackluster performance during trading on Thursday after experiencing choppy trading during Wednesday's session. The major averages fluctuated over the course of the day before eventually closing mixed.

While the Nasdaq dipped 34.49 points or 0.2 percent to 19,112.32, the S&P 500 rose 24.35 points or 0.4 percent to 5,916.93 and the Dow climbed 271.69 points or 0.7 percent at 42,322.75.

Meanwhile, the major European markets moved to the upside on the day. While the German DAX Index advanced by 0.7 percent, the U.K.'s FTSE 100 Index climbed by 0.6 percent and the French CAC 40 Index rose by 0.2 percent.

Crude oil prices showed a substantial move to the downside on Thursday on reports the U.S. is very close to reaching a nuclear deal with Iran. Crude for June delivery plunged $1.53 or 2.4 percent to $61.62 a barrel.