Australian Market Slightly Higher In Mid-market

The Australian market is slightly higher in mid-market moves on Thursday, alternating across the unchanged line through the morning session and extending the gains in the previous two sessions, following the positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,600 level, with gains in iron ore miners, energy and technology stocks partially offset by weakness in gold miners and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 9.30 points or 0.11 percent to 8,604.50, after touching a high of 8,618.80 and a low of 8,566.70 earlier. The broader All Ordinaries Index is up 1.40 points or 0.02 percent to 8,895.60. Australian stocks ended slightly higher on Wednesday.

Among major miners, Rio Tinto is gaining almost 3 percent, BHP Group is advancing almost 4 percent and Fortescue is up almost 1 percent, while Mineral Resources is losing almost 1 percent.

Oil stocks are mostly higher. Santos and Beach energy are gaining almost 1 percent each, while Woodside Energy is edging up 0.4 percent. Origin Energy is edging down 0.5 percent.

In the tech space, WiseTech Global is gaining almost 2 percent, Zip is adding almost 1 percent and Xero is edging up 0.1 percent. Afterpay owner Block and Appen are flat.

Among the big four banks, ANZ Banking is edging up 0.2 percent, while National Australia Bank, Westpac and Commonwealth Bank are edging down 0.3 to 0.5 percent each.

Among gold miners, Resolute Mining is declining almost 5 percent, Evolution Mining is edging down 0.2 percent and Northern Star Resources is down almost 3 percent, while Newmont and Genesis Minerals are losing more than 2 percent each.

In other news, shares in Vulcan Energy Resources are tumbled more than 31 percent after it raised 398?million euros or $710?million, through the issue of around 178?million new shares at $4.00. The funds will finance Vulcan’s Phase One Lionheart lithium and renewable energy project.

Shares in Argenica Therapeutics are jumping more than 19 percent after the biotechnology company reported positive results from a recent trial of a drug it is developing to be used in the treatment of stroke.

In economic news, Australia posted a merchandise trade surplus of A$4.385 billion in October, the Australian Bureau of Statistics said on Thursday. That was shy of expectations for a surplus of A$4.420 billion following the downwardly revised A$3.707 billion surplus in September (originally A$3.938 billion).

Exports were up 3.4 percent on month at A$45.977 billion following the downwardly revised 7.6 percent increase in the previous month (originally 7.9 percent). Imports rose 2.0 percent on month at A$41.592 billion following the upwardly revised 1.8 percent gain a month earlier (originally 1.1 percent).

In the currency market, the Aussie dollar is trading at $0.661 on Thursday.

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