Australian Market Slightly Higher

(RTTNews) - The Australian stock market is trading slightly higher on Friday, snapping a four-session losing streak, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is mocing well above the 8,750 level, with gains in financial, mining and technology stocks partially offset weakness in energy stocks.

The benchmark S&P/ASX 200 Index is gaining 12.80 points or 0.15 percent to 8,775.30, after hitting a low of 8,748.60 earlier. The broader All Ordinaries Index is up 12.90 points or 0.14 percent to 8,974.20. Australian stocks closed modestly lower on Thursday.

Among major miners, Rio Tinto is advancing more than 2 percent, Fortescue is adding almost 1 percent and BHP Group is gaining more than 1 percent, while Mineral Resources is edging down 0.2 percent.

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

Among tech stocks, Afterpay and Square-owner Block and Xero are edging up 0.3 percent each, while Zip and Appen are gaining almost 1 percent each. WiseTech Global is edging down 0.5 percent.

Among the big four banks, Commonwealth Bank, Westpac, ANZ Banking and National Australia Bank are edging up 0.1 to 0.2 percent each.

Gold miners are mostly higher. Northern Star Resources, Genesis Minerals and Newmont are gaining more than 1 percent each, while Evolution Mining is adding almost 3 percent and Resolute Mining is advancing more than 3 percent.

In other news, shares in Bravura Solutions are soaring more than 14 percent after it upgraded its 2026 fiscal year earnings guidance.

Shares in uranium miner Boss Energy are surging more than 5 percent on reports that the Australian Government could sign an agreement with India this week that delivers on a nuclear co-operation plan between the two countries. Australia would end up exporting uranium directly to India. In the currency market, the Aussie dollar is trading at $0.694 on Friday.

On Wall Street, stocks moved mostly higher over the course of the trading day on Thursday after seeing considerable volatility early in the session. The major averages all moved to the upside after yesterday's mixed performance, with the Nasdaq leading the charge.

The Nasdaq ended the day just off its high of the session, jumping 336.24 points or 1.3 percent to 26,206.89. The S&P 500 also advanced 60.93 points or 0.8 percent to 7,543.64, while the narrower Dow rose 139.02 points or 0.3 percent to 52,487.41.

Meanwhile, the major European markets were mixed on the day. The German DAX Index and the French CAC 40 Index both advanced by 0.9 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and dipped by 0.2 percent.

Crude oil prices tumbled on Thursday following reports that Iran is seeking a deal with the U.S., raising expectations of an end to the ongoing standoff. West Texas Intermediate crude for August delivery was down $1.52 or 2.07 percent at $72.00 per barrel.