Australian Market Trims Early Gains In Mid-market

(RTTNews) - The Australian stock market is trimming its early gains in mid-market moves on Friday, reversing the slight losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,600 level, with gains in financial and technology stocks partially offset by weakness in mining stocks.

The benchmark S&P/ASX 200 Index is gaining 8.10 points or 0.09 percent to 8,603.90, after touching a high of 8,616.80 earlier. The broader All Ordinaries Index is up 10.20 points or 0.12 percent to 8,843.80. Australian stocks closed slightly lower on Thursday.

Among major miners, BHP Group and Rio Tinto are losing almost 2 percent each, while Mineral Resources is gaining almost 1 percent and Fortescue Metals is edging up 0.1 percent.

Oil stocks are mostly lower. Santos is edging down 0.1 percent and Beach energy is losing almost 1 percent, while Origin Energy is gaining more than 1 percent. Woodside Energy is flat.

Among tech stocks, Afterpay-owner Block is losing almost 1 percent, while WiseTech Global is gaining more than 1 percent, Appen is surging more than 7 percent and Xero is adding almost 2 percent. Zip is flat.

Among the big four banks, National Australia Bank and Westpac are edging up 0.4 percent each, while ANZ Banking is gaining almost 1 percent. Commonwealth Bank is losing almost 1 percent.

Gold miners are mostly lower. Evolution Mining, Resolute Mining and Northern Star Resources are losing more than 1 percent each, while Gold Road Resources is edging down 0.2 percent. Newmont is gaining almost 1 percent.

In other news, shares in Silk Logistics are skyrocketing more than 22 percent after the ACCC announced it would not oppose DP World Australia's $174 million takeover of the national container services provider.

In the currency market, the Aussie dollar is trading at $0.657 on Friday.