Australian Market Slightly Higher

(RTTNews) - Extending the gains in the previous two sessions, the Australian stock market is slightly higher in choppy trading on Friday, following the marginally positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 7,600 level, with gains in technology stocks partially offset by weakness in uranium and gold mining stocks.

The benchmark S&P/ASX 200 Index is gaining 3.10 points or 0.04 percent to 7,642.30, after hitting a low of 7,628.50 and a high of 7,649.40 earlier. The broader All Ordinaries Index is up 5.10 points or 0.07 percent to 7,880.30. Australian markets ended modestly on Thursday.

Among major miners, Rio Tinto and Fortescue Metals are edging up 0.3 to 0.4 percent each, while Mineral Resources is gaining almost 1 percent. BHP Group is edging down 0.4 percent. Oil stocks are mostly higher. Beach energy and Origin Energy are gaining more than 1 percent each, while Santos is edging up 0.1 percent. Woodside Energy is losing more than 1 percent.

Among tech stocks, WiseTech Global is edging up 0.2 percent, Zip is adding more than 1 percent, Afterpay owner Block is advancing almost 2 percent and Xero is up almost 1 percent. Appen is flat.

Among the big four banks, Commonwealth Bank and ANZ Banking are edging up 0.1 to 0.5 percent each, while National Australia Bank is losing almost 1 percent and Westpac is edging down 0.5 percent. Gold miners are mostly lower. Gold Road Resources and Northern Star Resources are losing more than 1 percent each, while Evolution Mining is declining almost 1 percent and Newmont is edging down 0.3 percent. Resolute Mining is gaining more than 1 percent.

In other news, shares in Novonix Ltd. are skyrocketing 15 percent after the battery materials technology company announced an agreement with leading electric vehicle (EV) batteries manufacturer, Panasonic Energy.

Shares in Boral are soaring almost 10 percent after the building materials business lifted its profit guidance for financial 2024.

Shares in Boss Energy and Paladin Energy are plunging more than 12 percent and almost 9 percent, respectively, amid a broad sell-off in uranium stocks after an extended 12-month bull run.

In the currency market, the Aussie dollar is trading at $0.649 on Friday.

On Wall Street, stocks turned in a relatively lackluster performance during trading on Thursday following the strong upward move seen over the course of the previous session. Despite the choppy trading, the S&P 500 and the Dow reached new record closing highs.

The major averages all finished the day modestly higher. The Dow inched up 48.97 points or 0.1 percent to 38,726.33, the Nasdaq rose 37.07 points or 0.2 percent to 15,793.71 and the S&P 500 inched up 2.85 points or 0.1 percent to 4,997.91.

Meanwhile, the major European markets turned mixed on the day. While the U.K.'s FTSE 100 Index is down by 0.2 percent, the German DAX Index is up by 0.4 percent and the French CAC 40 Index is up by 0.8 percent.

Crude oil prices rose sharply Thursday, gaining for a fourth straight session as escalating tensions in the Middle East raised concerns about potential trade and supply disruptions. West Texas Intermediate Crude oil futures for March ended higher by $2.36 or 2.1 percent at $76.22 a barrel.