The Australian stock market, after an initial surge, is paring back some of its gains during midday trading on Friday. This movement, however, builds upon the upward trajectory observed over the previous two sessions, influenced by the mixed signals from Wall Street the previous night. The S&P/ASX 200 index continues to maintain a strong position above the 8,200 mark, with notable advancements driven by mining and technology sectors.
Currently, the S&P/ASX 200 Index has risen by 36.70 points, marking a 0.45% increase to reach 8,257.60. Earlier, the index peaked at 8,281.40. Meanwhile, the broader All Ordinaries Index is experiencing at an increase of 43.10 points or 0.51%, ascending to 8,514.60. It’s noteworthy that Australian stocks achieved modest gains on Tuesday before the market pause on Wednesday and Thursday due to a holiday.
In the mining sphere, BHP Group has seen a slight uptick of 0.3%, Mineral Resources is advancing by nearly 2%, while Rio Tinto and Fortescue Metals are both appreciating by almost 1%.
The oil sector is also displaying strength, with Woodside Energy increasing by almost 1%. Beach Energy and Santos are both experiencing a modest rise of 0.5%, whereas Origin Energy is slightly down by 0.4%.
Within the technology sector, Zip is witnessing a robust gain of nearly 4%, the owner of Afterpay, Block, is up by 1.5%, Xero is inching up by 0.1%, and Appen is soaring with a notable 14% increase. Conversely, WiseTech Global is experiencing a decline of nearly 1%.
Among the major banks, Commonwealth Bank and ANZ Banking are noting an uptick of 0.3% to 0.4%, while Westpac and National Australia Bank are both enhancing by nearly 1%. Gold stocks are largely trending upward. Evolution Mining and Northern Star Resources are each up by 0.5%, Resolute Mining is advancing by almost 2%, and Gold Road Resources is seeing gains exceeding 1%. Conversely, Newmont is seeing a decrease of nearly 1%.
In the currency market, the Australian dollar is trading at $0.622 on Friday.
The material has been provided by InstaForex Company -
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