Australian Market Significantly Higher

(RTTNews) - The Australian market is trading significantly higher on Thursday, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,850 level, with gains in mining and financial stocks partially offset by weakness in energy and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 91.90 points or 1.05 percent to 8,885.50, after touching a high of 8,887.90 earlier. The broader All Ordinaries Index is up 93.70 points or 1.04 percent to 9,109.80. Australian stocks ended sharply higher on Wednesday.

Among major miners, Rio Tinto and Fortescue are adding more than 2 percent each, while BHP Group and Mineral Resources are gaining more than 3 percent each.

Oil stocks are mostly lower. Beach energy and Santos are losing more than 2 percent each, while Woodside Energy is advancing more than 4 percent and Origin Energy is down almost 1 percent.

In the tech space, Afterpay owner Block is edging down 0.2 percent, WiseTech Global is losing more than 1 percent and Xero is slipping almost 2 percent, while Zip is gaining more than 3 percent and Appen is advancing almost 3 percent.

Among the big four banks, Commonwealth Bank is gaining more than 1 percent, Westpac is adding more than 2 percent, ANZ Banking is up almost 1 percent, while National Australia Bank is edging down 0.1 percent.

Among gold miners, Northern Star Resources is gaining almost 3 percent, Newmont is adding more than 2 percent and Genesis Minerals is surging almost 5 percent, while Evolution Mining and Resolute Mining are jumping more than 4 percent each.

In other news, shares in Tabcorp are plunging almost 22 percent on reports of being investigated by AUSTRAC over "serious concerns" relating to its ability to effectively identify, mitigate and manage money laundering and terrorism financing risks.

Shares in Light & Wonder are tumbling almost 10 percent after the gaming technology company reported mixed first-quarter result.

In the currency market, the Aussie dollar is trading at $0.723 on Thursday.

On Wall Street, stocks moved sharply higher early in the session on Wednesday and saw further upside as the day progressed. The major averages added to the gains posted during Tuesday's session, with the Nasdaq and S&P 500 reaching new record closing highs.

The major averages ended the day just off their highs of the session. The Nasdaq surged 512.82 points or 2 percent to 25,838.94, the S&P 500 shot up 105.90 points or 1.5 percent to 7,365.12 and the Dow jumped 612.34 points or 1.2 percent to 49,910.59.

The major European markets also showed strong moves to the upside on the day. While the French CAC 40 Index surged by 2.9 percent, the U.K.'s FTSE 100 Index is up by 2.1 percent and the German DAX Index shot up by 2.2 percent and 2.1 percent, respectively.

Crude oil prices went into freefall after Trump indicated the U.S. and Iran may reach a deal soon. West Texas Intermediate crude for June delivery was down $7.83 or 7.66 percent at $94.44 per barrel.