The Australian market is trimming its early gains in mid-market moves on Thursday, snapping a three-session losing streak, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,600 level, with gains across most sectors led by mining and technology stocks.
The benchmark S&P/ASX 200 Index is gaining 23.30 points or 0.27 percent to 8,602.70, after touching a high of 8,658.90 earlier. The broader All Ordinaries Index is up 21.40 points or 0.24 percent to 8,889.60. Australian stocks ended slightly lower on Wednesday.
Among major miners, Rio Tinto is gaining more than 2 percent, Fortescue is adding almost 1 percent, BHP Group is advancing more than 1 percent and Mineral Resources is edging up 0.4 percent.
Oil stocks are mostly higher. Origin Energy and Beach energy are adding almost 1 percent each, while Woodside Energy and Santos are edging up 0.2 to 0.4 percent each.
In the tech space, WiseTech Global is declining almost 2 percent, while Zip, Xero and Appen are losing almost 1 percent each. Afterpay owner Block is adding almost 3 percent.
Among the big four banks, Westpac, National Australia Bank and ANZ Banking are gaining almost 1 percent each, while Commonwealth Bank is edging down 0.5 percent.
Among gold miners, Evolution Mining and Newmont are advancing almost 3 percent each, while Resolute Mining is gaining almost 1 percent, Genesis Minerals is adding almost 2 percent and Northern Star Resources is edging up 0.1 percent.
In other news, shares in Flight Centre Travel Group are jumping almost 6 percent after news it is acquiring the UK-based online cruise agency Iglu, enhancing the company’s presence in the lucrative cruise sector.
Shares in Fenix Resources are soaring almost 15 percent after the company revealed an ambitious three-year production strategy, transitioning to the larger Weld Range Project and significantly ramping up its iron ore output.
In economic news, the unemployment rate in Australia came in at a seasonally adjusted 4.3 percent in November, the Australian Bureau of Statistics said on Thursday – unchanged from the October reading and shy of expectations for 4.4 percent. The participation rate was 66.7 percent, missing forecasts for 67.0, which would have been unchanged.
The Australian economy lost 21,300 jobs last month versus expectations for an increase of 20,000 jobs following the addition of 42,200 jobs in the previous month.
In the currency market, the Aussie dollar is trading at $0.667 on Thursday.
Market Analysis
Australian Market Trims Early Gains In Mid-market
2025-12-11 03:34:31
