Australian Market Swings To Modest Gains In Mid-market

(RTTNews) - The Australian stock market is swinging to modest gains in mid-market moves on Friday after opening in the red, reversing some of the sharp losses in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to near the 8,650 level, with gains in financial and energy stocks partially offset by weakness in mining and technology stocks.

The benchmark S&P/ASX 200 Index is losing 13.60 points or 0.16 percent to 8,642.60, after hitting a low of 8,585.70 earlier. The broader All Ordinaries Index is up 12.20 points or 0.14 percent to 8,863.60. Australian stocks closed sharply lower on Thursday.

Among major miners, Mineral Resources is edging up 0.3 percent, while Rio Tinto is gaining more than 3 percent and Fortescue is advancing more than 5 percent. BHP Group is losing almost 2 percent

Oil stocks are mostly higher. Beach energy and Woodside Energy are gaining 1.5 percent each, while Santos is adding almost 2 percent. Origin Energy is flat. Among tech stocks, Afterpay-owner Block is declining more than 4 percent, WiseTech Global is slipping almost 2 percent, Appen is edging down 0.2 percent and Zip is down almost 3 percent, while Xero is gaining almost 2 percent.

Among the big four banks, National Australia Bank, Commonwealth Bank, ANZ Banking and Westpac are all gaining more than 1 percent each. Gold miners are weak. Evolution Mining is losing more than 1 percent and Genesis Minerals is declining more than 5 percent, while Resolute Mining and Newmont are gaining more than 1 percent each. Northern Star Resources is tumbling almost 17 percent after is warns on production guidance citing weaker milling at the Kalgoorlie Super Pit and reduced output at Jundee.

In other news, shares in Syrah Resources are plunging more than 28 percent after the U.S. International Trade Commission rejected tariffs on Chinese graphite anode materials. However, the company said it remains committed to ramping up its Vidalia facility in Louisiana.

Shares in Electro Optic Systems are surging more than 14 percent after the counter-drone technology company secured two new unconditional orders for counter-drone systems worth a total of US$45 million, and flagged growing interest out of the Middle East following the conflict in the region.

In the currency market, the Aussie dollar is trading at $0.708 on Friday.