Australian Market Slightly Higher

(RTTNews) - The Australian stock market is trading slightly higher on Friday, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying just below the 8,600 level, with gains in iron ore miner stocks partially offset by weakness in gold miner and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 6.60 points or 0.08 percent to 8,595.80, after touching a high of 8,619.80 earlier. The broader All Ordinaries Index is up 9.40 points or 0.11 percent to 8,836.10. Australian stocks closed notably higher on Thursday.

Among major miners, BHP Group and Rio Tinto are gaining almost 3 percent each, while Mineral Resources is surging more than 8 percent and Fortescue Metals is advancing almost 4 percent.

Oil stocks are mixed. Santos is losing almost 1 percent and Woodside Energy is edging down 0.3 percent, while Origin Energy and Beach energy are edging up 0.2 to 0.3 percent each.

Among tech stocks, Xero is edging down 0.4 percent and Zip is losing more than 2 percent, while Appen is advancing more than 3 percent. Afterpay-owner Block and WiseTech Global are flat.

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

Gold miners are mostly lower. Evolution Mining is losing almost 2 percent, Northern Star Resources is down more than 1 percent and Gold Road Resources is edging down 0.3 percent, while Newmont is edging up 0.1 percent. Resolute Mining is flat.

In other news, shares in Johns Lyng are skyrocketing almost 22 percent after it had agreed to a $1 billion takeover deal by private equity group Pacific Equity Partners.

Shares in Lynas Rare Earths are jumping almost 18 percent and fellow ASX-listed rare earths company Iluka Resources soared almost 27 percent after US-based MP Materials skyrocketed 51 percent on the news it has struck a multi-billion dollar deal with the US Department of Defense to build a new magnet plant and expand rare earth capabilities.

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

On Wall Street, stocks moved mostly higher during trading on Thursday, adding to the strong gains posted during Wednesday's session. With the upward move, the Nasdaq and the S&P 500 reached new record closing highs.

The major averages pulled back off their highs going into the end of the day but still closed in positive territory. The Dow climbed 192.34 points or 0.4 percent to 44,650.64, the Nasdaq inched up 19.33 points or 0.1 percent to 20,630.66 and the S&P 500 rose 17.20 points or 0.3 percent to 6,280.46.

Meanwhile, the major European markets also ended the day mixed. While the German DAX Index decreased by 0.4 percent, the French CAC 40 Index rose by 0.3 percent and the U.K.'s FTSE 100 Index jumped by 1.2 percent.

Crude oil prices fell on Thursday amid concerns about a supply increase for August by OPEC, the huge crude stock inventory in the United States and intensifying U.S. tariff pressures. West Texas Intermediate crude for August delivery tumbled $1.81 to settle at $66.57 per barrel.