Australian Market Modestly Higher

(RTTNews) - The Australian stock market is trading modestly higher on Friday after opening in the red, adding to the gains in the previous four sessions, following the slightly cues from European markets and lack of cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,600 level, with gains gold miners and technology stocks partially offset by weakness in iron ore miners and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 14.20 points or 0.17 percent to 8,631.50, after hitting a low of 8,588.80 earlier. The broader All Ordinaries Index is up 23.00 points or 0.23 percent to 8,935.00. Australian stocks closed slightly higher on Thursday.

Among major miners, BHP Group is edging down 0.2 percent and Mineral Resources is gaining more than 2 percent. Fortescue and Rio Tinto are flat.

Oil stocks are mixed. Origin Energy and Santos are edging up 0.2 percent each, while Woodside Energy is edging down 0.1 percent and Beach energy is declining almost 1 percent. Among tech stocks, Afterpay-owner Block is edging up 0.4 percent, Zip is adding almost 1 percent, Appen is gaining more than 2 percent, Xero is up more than 1 percent and WiseTech Global is gaining more than 5 percent.

Among the big four banks, ANZ Banking is losing almost 1 percent, while Westpac, Commonwealth Bank and National Australia Bank are edging down 0.3 to 0.5 percent each.

Gold miners are mostly higher. Resolute Mining is adding almost 1 percent and Evolution Mining is edging up 0.3 percent, while Newmont and Northern Star Resources are gaining more than 1 percent each. Genesis Minerals is edging down 0.4 percent.

In other news, shares in Star Entertainment Group are jumping almost 5 percent as it issued a cleansing prospectus to allow recently issued shares to Bally's to trade freely on the market.

Shares in Corporate Travel Management will remain suspended as its accounting scandal deepens, with 80 million pounds of UK revenue set to be reversed. UK and Europe chief executive Michael Healy has been stood down immediately on full pay.

In the currency market, the Aussie dollar is trading at $0.654 on Friday.

On Wall Street, the markets were closed for Thanksgiving Day on Thursday after closing mostly higher on Wednesday.

The major European markets moved to the upside on the day. The U.K.'s FTSE 100 edged up 0.02 percent, France's CAC 40 crept up 0.04 percent, and Germany's DAX climbed 0.18 percent.