Australian Market Significantly Higher

(RTTNews) - The Australian market is trading significantly higher on Thursday, snapping a three-session losing streak, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,650 level, with gains across most sectors led by mining and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 75.90 points or 0.89 percent to 8,655.30, after touching a high of 8,658.90 and a low of 8,566.70 earlier. The broader All Ordinaries Index is up 80.8.40 points or 0.91 percent to 8,949.00. Australian stocks ended slightly lower on Wednesday.

Among major miners, Rio Tinto and Fortescue are gaining more than 2 percent each, while BHP Group is advancing almost 2 percent and Mineral Resources is edging up 0.5 percent.

Oil stocks are mostly higher. Santos is gaining almost 1 percent, Beach energy is adding more than 1 percent, Woodside Energy is edging up 0.4 percent and Origin Energy is advancing more than 2 percent.

In the tech space, Afterpay owner Block and Zip are adding almost 3 percent each, while Appen is gaining more than 1 percent and Xero is edging up 0.4 percent. WiseTech Global is edging down 0.3 percent.

Among the big four banks, Westpac and ANZ Banking are gaining almost 1 percent each, while National Australia Bank is edging up 0.5 percent. Commonwealth Bank is edging down 0.4 percent.

Among gold miners, Evolution Mining and Newmont are advancing almost 3 percent each, while Resolute Mining is gaining more than 2 percent, Genesis Minerals is adding more than 1 percent and Northern Star Resources is edging up 0.5 percent.

In other news, shares in Flight Centre Travel Group are jumping more than 6 percent after news it in acquiring the UK-based online cruise agency Iglu, enhancing the company's presence in the lucrative cruise sector.

Shares in Fenix Resources are soaring almost 14 percent after the company revealed an ambitious three-year production strategy, transitioning to the larger Weld Range Project and significantly ramping up its iron ore output.

In economic news, the unemployment rate in Australia came in at a seasonally adjusted 4.3 percent in November, the Australian Bureau of Statistics said on Thursday - unchanged from the October reading and shy of expectations for 4.4 percent. The participation rate was 66.7 percent, missing forecasts for 67.0, which would have been unchanged.

The Australian economy lost 21,300 jobs last month versus expectations for an increase of 20,000 jobs following the addition of 42,200 jobs in the previous month.

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

On Wall Street, stocks moved mostly higher in the latter part of the trading day on Wednesday after showing a lack of direction for much of the session, following the Federal Reserve's interest rate decision.

The major averages all moved to the upside on the day after ending Tuesday's choppy trading session narrowly mixed. The Dow jumped 497.46 points or 1.1 percent to 48,057.75, the S&P 500 climbed 46.17 points or 0.7 percent to 6,886.68 and the Nasdaq rose 77.67 points or 0.3 percent to 23,654.16.

Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index inched up by 0.1 percent, the German DAX Index edged down by 0.1 percent and the French CAC 40 Index fell by 0.4 percent.

Crude oil prices edged higher Wednesday after the American Petroleum Institute said U.S. crude inventories decreased much more than expected. West Texas Intermediate crude for January delivery was up $0.20 or 0.34 percent at $58.45 per barrel.