Australian Market Slightly Higher

(RTTNews) - The Australian stock market is slightly higher on Friday after opening in the red, snapping a four-session losing streak, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 8,300 level, with a mixed performance across most sectors. Mining stocks are the only bright spot as the underlying metal prices are higher.

The benchmark S&P/ASX 200 Index is gaining 6.20 points or 0.07 percent to 8,329.00, after touching a high of 8,354.00 earlier. The broader All Ordinaries Index is up 4.10 points or 0.05 percent to 8,605.80. Australian stocks closed sharply lower on Thursday.

Among major miners, BHP Group and Rio Tinto are gaining more than 2 percent each, while Fortescue Metals is edging up 0.4 percent and Mineral Resources is advancing more than 3 percent.

Oil stocks are mixed. Origin Energy is gaining more than 2 percent and Woodside Energy is edging up 0.4 percent, while Santos and Beach energy are edging down 0.2 to 0.4 percent each.

Among tech stocks, Xero is losing more than 1 percent and Zip is declining almost 3 percent, while Appen is gaining more than 2 percent. WiseTech Global is still in a trading halt amid a series of allegations levelled against its founder Richard White. Afterpay-owner Block is slipping 7.5 percent after reporting mixed performance for the full-year 2024.

Among the big four banks, Commonwealth Bank is losing almost 1 percent and Westpac is edging down 0.1 percent, while National Australia Bank and ANZ Banking are gaining almost 1 percent each. Gold miners are mostly higher. Evolution Mining is edging up 0.2 percent, Resolute Mining is surging almost 7 percent, Northern Star Resources is gaining more than 1 percent and Newmont is adding almost 2 percent. Gold Road Resources is losing almost 3 percent.

In other news, shares in Domain Holdings are skyrocketing more than 41 percent after US real estate giant CoStar floated a $2.7 billion bid to acquire the real estate platform. Shares in Domain owner Nine Entertainment are also soaring almost 22 percent.

Shares in Guzman y Gomez slumped almost 10 percent after the food retailer reported half-year underlying earnings fell short of market consensus, but said it expects to exceed full-year profit forecasts in 2025 owing to strong first-half sales.

Shares in Spark New Zealand are tumbling more than 21 percent after the broadband provider lowered its 2025 earning guidance on poor performance from its enterprise and government division.

Shares in Yancoal are soaring more than 8 percent after the coal miner set its 2025 production guidance to a range of 35 million and 39 million tonnes.

Shares in Jumbo Interactive are tumbling almost 11 percent after the lottery retailer posted a decline in earnings in the first half, citing a subdued environment for jackpots. It also lower its dividend by 11.1 per cent.

Shares in Mayne Pharma are skyrocketing more than 33 percent after the pharmaceutical company revealed that it has accepted a $7.40 per share takeover offer from US-based Cosette Pharmaceuticals.

Shares in QBE Insurance are surging more than 8 percent after reporting upbeat full-year results and boosting final dividend by 31 percent.

Shares in Telix Pharmaceuticals are jumping almost 14 percent after reporting upbeat full-year results.

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

On Wall Street, stocks regained some ground over the course of the trading day on Thursday after moving sharply lower early in the session. The major averages climbed well off their early lows but remained firmly in negative territory.

The S&P 500 fell as much as 1.0 percent in early trading but ended the day more moderately lower, down 26.63 points or 0.4 percent at 19,962.36. The Nasdaq also slid 93.89 points or 0.5 percent to 19,962.36 after tumbling as much as 1.3 percent. The narrower Dow posted a more significant loss, slumping 450.94 points or 1.0 percent to 44,176.65.

Meanwhile, the major European markets turned in a mixed performance on the day. While the French CAC 40 Index rose by 0.2 percent, the German DAX Index fell by 0.5 percent and the U.K.'s FTSE 100 Index slid by 0.6 percent.

Crude oil prices settled higher on Thursday, as supply disruptions in Russia and drop in gasoline and distillate fuel stocks supported oil prices. West Texas Intermediate Crude oil futures closed higher by $32 or 0.44 percent at $72.57 a barrel.