Australian Market Significantly Lower

(RTTNews) - Extending the losses in the previous session, the Australian stock market is significantly lower on Friday, following the broadly negative cues from global markets overnight. The benchmark S&P/ASX 200 is falling to nearly the 6,900 level, dragged by weakness in iron ore miners and technology stocks.

The benchmark S&P/ASX 200 Index is losing 75.90 points or 1.09 percent to 6,905.70, after hitting a low of 6,885.10 earlier. The broader All Ordinaries Index is down78.80 points or 1.10 percent to 7,093.90. Australian markets ended sharply lower on Thursday.

Among major miners, BHP Group is losing almost 2 percent, Fortescue Metals is declining more than 2 percent, Rio Tinto is down more than 1 percent and Mineral Resources is slipping almost 4 percent. Oil stocks are mostly higher. Santos is gaining almost 2 percent and Beach energy is up almost 1 percent, while Woodside Energy and Origin Energy are flat.

Among tech stocks, Afterpay owner Block and Xero are losing 1.5 percent each, while WiseTech Global is slipping almost 2 percent and Appen is declining more than 3 percent. Zip is adding more than 1 percent.

Among the big four banks, Commonwealth Bank and Westpac are losing almost 1 percent each, while ANZ Banking and National Australia Bank are declining more than 1 percent each. Gold miners are mostly higher. Northern Star Resources is adding 1.5 percent, Resolute Mining is gaining almost 1 percent and Evolution Mining is advancing almost 2 percent, while Newcrest Mining is declining almost 2 percent and Gold Road Resources is down almost 1 percent.

In other news, shares in Liontown Resources are plummeting more than 32 percent after lithium miner raised $365 million from institutional investors at $1.80 per share to fund development of its Kathleen Valley Project.

In the currency market, the Aussie dollar is trading at $0.632 on Friday.

On Wall Street, stocks saw significant volatility over the course of the trading day on Thursday after ending Wednesday's session sharply lower. The major averages swung back and forth across the unchanged line before ending the day firmly in the red.

The major averages fell to new lows going into the close of trading. The Dow fell 250.91 points or 0.8 percent to 33,414.17, the Nasdaq slumped 128.13 points or 1.0 percent to 13,186.18 and the S&P 500 slid 36.60 points or 0.9 percent to 4,278.00.

The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index slumped 1.2 percent, the French CAC 40 Index slid by 0.6 percent and the German DAX Index fell by 0.3 percent.

Crude oil futures settled higher Thursday after early losses, as Israel reportedly prepared to move into Gaza to fight against Hamas. West Texas Intermediate Crude oil futures for November added $1.05 or 1.2 percent at $89.37 a barrel.