Australian Market Trims Early Gains In Mid-market
(RTTNews) - The Australian stock market is trimming its early gains in mid-market moves on Friday, but extending the gains in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to near the 8,750 level, with gains in mining stocks partially offset by weakness in energy and technology stocks.
The benchmark S&P/ASX 200 Index is gaining 14.00 points or 0.16 percent to 8,746.40, after touching a high of 8,771.60 and a low of 8,729.80 earlier. The broader All Ordinaries Index is up 21.50 points or 0.24 percent to 8,932.40. Australian stocks closed modestly higher on Thursday.
Among major miners, Rio Tinto and BHP Group are gaining almost 1 percent each, while Mineral Resources is advancing more than 1 percent and Fortescue is edging up 0.2 percent.
Oil stocks are mostly lower. Woodside Energy and Origin Energy are edging down 0.1 to 0.4 percent each, while Santos is edging down 0.3 percent. Beach energy is flat.
Among tech stocks, Afterpay and Square-owner Block, Xero and WiseTech Global are losing almost 1 percent each, while Zip is declining more than 1 percent. Appen is gaining more than 1 percent.
Among the big four banks, Westpac and National Australia Bank are edging down 0.1 to 0.2 percent each, while Commonwealth Bank and ANZ Banking are edging up 0.1 to 0.3 percent each.
Gold miners are mostly higher. Newmont and Northern Star Resources are gaining more than 2 percent each, while Genesis Minerals is advancing almost 4 percent, Evolution Mining is adding almost 3 percent and Resolute Mining is rising more than 3 percent.
In the currency market, the Aussie dollar is trading at $0.712 on Friday.
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