Australian Market Slightly Lower

(RTTNews) - The Australian market is trading slightly lower on Thursday, reversing some of the gains in the previous two sessions, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 8,600 level, with weakness in gold miners and financial stocks partially offset by gains in iron ore miners, energy and technology stocks.

The benchmark S&P/ASX 200 Index is losing 9.10 points or 0.11 percent to 8,586.10, after touching a high of 8,618.80 and a low of 8,583.30 earlier. The broader All Ordinaries Index is down 12.80 points or 0.14 percent to 8,881.40. Australian stocks ended slightly higher on Wednesday.

Among major miners, Rio Tinto is gaining almost 3 percent, BHP Group is advancing almost 4 percent and Fortescue is up almost 1 percent, while Mineral Resources is losing almost 1 percent.

Oil stocks are mostly higher. Santos and Beach energy are gaining almost 1 percent each, while Woodside Energy is edging up 0.2 percent. Origin Energy is losing almost 1 percent.

In the tech space, WiseTech Global is gaining almost 3 percent, while Appen and Zip are adding more than 2 percent each. Xero is edging down 0.2 percent and Afterpay owner Block is flat.

Among the big four banks, ANZ Banking is edging up 0.2 percent, while National Australia Bank, Westpac and Commonwealth Bank are edging down 0.3 to 0.5 percent each.

Among gold miners, Resolute Mining is declining almost 3 percent, Evolution Mining is edging down 0.2 percent and Genesis Minerals is down more than 1 percent, while Northern Star Resources and Newmont are losing almost 2 percent each.

In other news, shares in Vulcan Energy Resources are tumbled more than 31 percent after it raised 398?million euros or $710?million, through the issue of around 178?million new shares at $4.00. The funds will finance Vulcan's Phase One Lionheart lithium and renewable energy project.

Shares in Argenica Therapeutics are jumping more than 19 percent after the biotechnology company reported positive results from a recent trial of a drug it is developing to be used in the treatment of stroke.

In economic news, Australia posted a merchandise trade surplus of A$4.385 billion in October, the Australian Bureau of Statistics said on Thursday. That was shy of expectations for a surplus of A$4.420 billion following the downwardly revised A$3.707 billion surplus in September (originally A$3.938 billion).

Exports were up 3.4 percent on month at A$45.977 billion following the downwardly revised 7.6 percent increase in the previous month (originally 7.9 percent). Imports rose 2.0 percent on month at A$41.592 billion following the upwardly revised 1.8 percent gain a month earlier (originally 1.1 percent).

In the currency market, the Aussie dollar is trading at $0.661 on Thursday.

On Wall Street, stocks moved mostly higher over the course of the trading day on Wednesday. While the Nasdaq and the S&P 500 posted modest gains, the narrower Dow showed a more notable move to the upside.

The major averages all finished the day in positive territory. The Dow jumped 408.44 points or 0.9 percent to 47,882.90, the Nasdaq rose 40.42 points or 0.2 percent to 23,454.09 and the S&P 500 climbed 20.35 points or 0.3 percent to 6,849.72.

Meanwhile, the major European markets ended the day mixed. While the French CAC 40 Index rose by 0.2 percent, the German DAX Index and the U.K.'s FTSE 100 Index both edged down by 0.1 percent.

Crude oil prices rose on Wednesday as proposed Russia-Ukraine peace talks failed to deliver a breakthrough. West Texas Intermediate crude for January delivery was up $0.23 or 0.39 percent at $58.87 per barrel.