February 8, 2023

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Australian Market Significantly Higher

2 min read

The Australian stock market is significantly higher on Friday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 moving above the 7,200 level, following the broadly positive cues from Wall Street overnight, with strength in materials and energy stocks amid higher commodity prices. Technology stocks also gained to mirror their peers on the tech-heavy Nasdaq.

The benchmark S&P/ASX 200 Index is gaining 59.10 points or 0.82 percent to 7,235.00, after touching a high of 7,254.60 earlier. The broader All Ordinaries Index is up 68.50 points or 0.93 percent to 7,469.30. Australian markets ended significantly lower on Thursday.

Among major miners, Rio Tinto is gaining almost 3 percent, BHP Group is up more than 2 percent, OZ Minerals is adding almost 4 percent, Fortescue Metals is rising 3.5 percent and Mineral Resources is advancing almost 5 percent.

Oil stocks are higher. Origin Energy and Santos are adding almost 1 percent each, while Beach energy is gaining more than 2 percent and Woodside Energy is flat.

Among tech stocks, WiseTech Global is adding more than 5 percent, Xero is up more than 3 percent and Afterpay owner Block is advancing 4.5 percent, while Appen and Zip are gaining almost 2 percent each.

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

Gold miners are higher. Northern Star Resources and Evolution Mining are gaining 3.5 percent each, while Resolute Mining is adding 2.5 percent, Gold Road Resources is advancing 5.5 percent and Newcrest Mining is up more than 2 percent.

In economic news, the services sector in Australia continued to expand in May, albeit at a slower pace, the latest survey from S&P Global revealed on Friday with a services PMI score of 53.2. That’s down from 56.1 in April, although it remains above the boom-or-bust line of 50. This marked the fourth consecutive month in which business activity in the Australia service sector rose,…

2022-06-02 21:23:46

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