Australian Market Notably Higher

The Australian stock market is trading notably higher on Friday, extending the slight gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well below the 8,600 level, with gains in technology and financial stocks partially offset by weakness in gold miner stocks.

The benchmark S&P/ASX 200 Index is gaining 45.80 points or 0.53 percent to 8,634.00, after touching a high of 8,591.20 earlier. The broader All Ordinaries Index is up 48.80 points or 0.55 percent to 8,924.50. Australian stocks closed slightly higher on Thursday.

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

Oil stocks are mixed. Santos is losing almost 1 percent and Woodside Energy is edging down 0.5 percent, while Origin Energy is gaining almost 2 percent and Beach energy is edging up 0.4 percent.

Among tech stocks, Afterpay-owner Block is edging up 0.5 percent and Appen is advancing almost 3 percent, while WiseTech Global, Xero and Zip are gaining more than 2 percent each.

Among the big four banks, Commonwealth Bank and National Australia Bank are advancing more than 1 percent each, while Westpac is adding almost 2 percent and ANZ Banking is gaining almost 1 percent.

Gold miners are mostly lower. Resolute Mining is losing more than 2 percent, Northern Star Resources is declining almost 3 percent, Evolution Mining is edging down 0.5 percent and Genesis Minerals is down almost 1 percent, while Newmont is edging up 0.5 percent.

In other news, shares in 4DMedical are skyrocketing almost 27 percent after the business secured a commercial agreement with the Cleveland Clinic to deploy its CT:VQ respiratory imaging technology.

Shares in Electro Optic Systems Holdings are jumping more than 8 percent after the defence technology company announced it had secured a significant new international contract worth approximately $32 million.

Shares in Calix are soaring more than 12 percent after announcing a major contract to supply magnesium hydroxide water treatment products, expected to add up to A$10 million annually to revenues starting in early 2026.

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

On Wall Street, stocks showed a strong move back to the upside during trading on Thursday after coming under considerable selling pressure over the course of the previous session. The tech-heavy Nasdaq led the rebound by the major averages.

The Nasdaq jumped 313.04 points or 1.4 percent to 23,006.36 and the S&P 500 advanced 53.33 points or 0.8 percent to 6,774.76, while the narrower Dow fluctuated before closing up 65.88 points or 0.1 percent at 47,951.85.

The major European markets all also moved to the upside on the day. While the German DAX Index jumped by 1.0 percent, the French CAC 40 Index and the U.K.’s FTSE 100 Index advanced by 0.8 percent and 0.7 percent, respectively.

Crude oil prices inched higher again on Thursday amid the lingering geopolitical concerns stemming from Venezuela and Russia. West Texas Intermediate crude for January delivery was up $0.13 or 0.2 percent at $56.07 a barrel.

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