Australian Market Significantly Lower

(RTTNews) - The Australian stock market is significantly lower on Friday, reversing the slight gains in the previous session, following the broadly negative cues from global markets overnight. The benchmark S&P/ASX 200 is falling to near the 8,100 level, with weakness across most sectors led by mining and technology stocks. Energy stocks were the only bright spot amid spiking crude oil prices.

The benchmark S&P/ASX 200 Index is losing 84.00 points or 1.02 percent to 8,121.20, after hitting a low of 8,109.60 earlier. The broader All Ordinaries Index is down 86.80 points or 1.02 percent to 8,387.50. Australian markets ended slightly higher on Thursday.

Among major miners, BHP Group, Fortescue Metals and Rio Tinto are losing more than 2 percent each, while Mineral Resources is declining almost 2 percent.

Oil stocks are mostly higher. Woodside Energy is advancing almost 2 percent, Santos is adding more than 1 percent and Beach energy is gaining more than 2 percent, while Origin Energy is edging down 0.2 percent.

Among tech stocks, Afterpay owner Block is advancing almost 2 percent, while Zip is losing 1.5 percent, WiseTech Global is declining almost 2 percent, Xero is down more than 1 percent and Appen is slipping more than 4 percent.

Among the big four banks, Commonwealth Bank is losing more than 1 percent and Westpac is down 1.5 percent, while ANZ Banking and National Australia Bank are declining almost 1 percent each. Gold miners are mostly lower. Evolution Mining is losing more than 1 percent, Northern Star Resources is down almost 1 percent, Newmont is declining 1.5 percent and Resolute Mining is slipping more than 2 percent, while Gold Road Resources is edging up 0.3 percent.

In the currency market, the Aussie dollar is trading at $0.685 on Friday.

On Wall Street, stocks continued to experience choppy trading during Thursday's session following the lackluster performance seen during trading on Wednesday. The major averages once again spent the day bouncing back and forth across the unchanged line.

The major averages eventually finished the day modestly lower. While the Nasdaq edged down 6.65 points or less than a tenth of a percent to 17,918.48, the S&P 500 slipped 9.60 points or 0.2 percent to 5,699.94 and the narrower Dow fell 184.93 points or 0.4 percent to 42,011.59.

The major European markets also moved to the downside on the day. While the French CAC 40 Index slumped 1.3 percent, the German DAX Index slid by 0.8 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.

Crude oil prices moved up sharply on Thursday thanks to tensions in the Middle East, with the war between Israel and Iran raising concerns about supply disruptions. West Texas Intermediate Crude oil futures for November ended up $3.61 or 5.2 percent at $73.71 a barrel.