Australian Market Slightly Higher

(RTTNews) - The Australian stock market is trading slightly higher on Friday after opening in the red, adding to the gains in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,200 level, with gains in technology and energy stocks partially offset by weakness in mining and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 10.10 points or 0.12 percent to 8,201.80, after hitting a low of 8,183.30 and high of 8,205.50 earlier. The broader All Ordinaries Index is up 11.70 points or 0.14 percent to 8,433.40. Australian stocks closed modestly higher on Thursday.

Among major miners, Rio Tinto is down almost 1 percent, while BHP Group and Fortescue Metals are losing more than 1 percent each. Mineral Resources is edging up 0.4 percent. Oil stocks are mostly higher. Origin Energy is edging up 0.3 percent, Beach energy is advancing more than 2 percent, Santos is gaining more than 1 percent and Woodside Energy is adding almost 1 percent.

Among tech stocks, Afterpay-owner Block and Appen are surging more than 5 percent each, while WiseTech Global and Zip are adding more than 2 percent each. Xero is up more than 1 percent.

Among the big four banks, Westpac is adding almost 1 percent and National Australia Bank is edging up 0.3 percent, while ANZ Banking is edging down 0.4 percent. Commonwealth Bank is flat. Gold miners are mostly lower. Evolution Mining, Northern Star Resources and Newmont are losing more than 1 percent each, while Resolute Mining is declining 2.5 percent. Gold Road Resources is edging up 0.2 percent.

In other news, shares in Avita Medical slumped almost 19 percent despite reaffirming expectations for a 55 percent to 65 per cent jump in full-year commercial revenue after the wound care product provider reported significant growth in both new and existing customer accounts.

In the currency market, the Aussie dollar is trading at $0.639 on Friday.

On Wall Street, stocks gave back some ground over the course of the trading day on Thursday but remained mostly higher. The tech-heavy Nasdaq hung on to a standout gain, ending the session at its best closing level in over a month.

The major averages moved to the downside going into the end of the day but still closed in positive territory. The Nasdaq jumped 264.40 points or 1.5 percent to 17,710.74, the S&P 500 climbed 35.08 points or 0.6 percent to 5,604.14 and the Dow rose 83.60 points or 0.2 percent to 40,752.96.

Meanwhile, with most major European markets closed for May Day, U.K. stocks showed a lack of direction over the course of the trading session. The U.K.'s FTSE 100 Index eventually ended the day just above the unchanged line.

Crude oil prices saw considerable volatility Thursday but moved sharply higher after President Donald Trump threatened to impose sanctions on any country that purchases Iranian oil. West Texas Intermediate crude for June delivery jumped $1.03 or 1.8 percent to $59.24 a barrel.