Australian Market Slightly Trims Early Sharp Gains In Mid-market

(RTTNews) - The Australian market is slightly trimming its early sharp gains in mid-market moves on Thursday, reversing the sharp losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is surging 4.7 percent to above the 7,700 level, with gains across all sectors led by mining and technology stocks.

The benchmark S&P/ASX 200 Index is surging 346.10 points or 4.69 percent to 7,721.10, after touching a high of 7,842.90 earlier. The broader All Ordinaries Index is up 359.10 points or 4.75 percent to 7,920.80. Australian stocks ended sharply lower on Wednesday.

Among major miners, Mineral Resources is soaring almost 12 percent and BHP Group is advancing more than 6 percent, while Rio Tinto and Fortescue Metals are surging almost 6 percent each.

Oil stocks are mostly higher. Beach energy is adding more than 6 percent and Origin Energy is gaining more than 3 percent, while Santos and Woodside Energy are surging almost 6 percent each.

In the tech space, Afterpay owner Block is soaring almost 14 percent, WiseTech Global is surging almost 6 percent, Appen is spiking more than 10 percent, Zip is skyrocketing almost 21 percent and Xero is advancing more than 6 percent.

Among the big four banks, Commonwealth Bank is advancing almost 4 percent and ANZ Banking is gaining more than 4 percent, while National Australia Bank and Westpac are surging more than 5 percent each. Among gold miners, Northern Star Resources and Newmont are gaining almost 4 percent each, while Evolution Mining is advancing almost 6 percent, Gold Road Resources is up almost 2 percent and Resolute Mining is surging almost 9 percent.

In the currency market, the Aussie dollar is trading at $0.614 on Thursday.