\n<\/p>\n
The Australian stock market is significantly higher on Thursday, extending the gains in the previous four sessions, with the benchmark S&P\/ASX 200 below the 7,200 level, following the broadly positive cues overnight from Wall Street, with energy stocks jumping amid a spike in crude oil prices at eleven-year highs. Traders also remain optimistic amid the ongoing talks to diffuse the Russia-Ukraine crisis.<\/p>\n
The benchmark S&P\/ASX 200 Index is gaining 48.60 points or 0.68 percent 7,165.30, after touching a high of 7,169.30 earlier. The broader All Ordinaries Index is up 53.10 points or 0.72 percent to 7,459.40. Australian markets<\/span> ended modestly higher on Tuesday.<\/p>\n Among major miners, BHP Group and Mineral Resources are gaining more than 3 percent each, while OZ Minerals is adding almost 4 percent, Fortescue Metals is up more than 1 percent and Rio Tinto is rising more than 2 percent.<\/p>\n Oil stocks are higher. Santos is gaining more than 3 percent, Origin Energy is adding 3.5 percent, Beach Energy is surging almost 5 percent and Woodside Petroleum is up almost 3 percent.<\/p>\n Among the big four banks, Commonwealth Bank and National Australia Bank are edging up 0.4 percent each, while ANZ Banking is adding almost 1 percent. Westpac is flat.<\/p>\n In the tech space, Appen is gaining more than 4 percent and WiseTech Global is adding almost 2 percent, while Block is losing almost 3 percent, Zip is down almost 2 percent and Xero is declining more than 1 percent.<\/p>\n Gold miners are mixed. Northern Star Resources is edging down 0.4 percent, Newcrest Mining is losing almost 1 percent and Evolution Mining is edging down 0.1 percent, while Gold Road Resources is gaining more than 2 percent and Resolute Mining is adding almost 1 percent.<\/p>\n In economic news, the services sector in Australia bounced up into expansion territory in February, the latest survey from Markit Economics showed on Thursday with a services PMI score of 57.4. That’s up from 46.6 in January, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the composite index rose to 56.6 in February from 46.7 in January.<\/p>\n The total number of building permits issued in Australia plunged a seasonally adjusted 27.9 percent on month in January, the Australian Bureau of Statistics said on Thursday – coming in at 12,916. That was well shy of expectations for a decline of 3.5 percent following the 8.2 percent increase in December. On a yearly basis, total dwelling permits shed 24.1 percent, private sector houses declined 29.0 percent and dwellings excluding houses fell 8.5 percent.<\/p>\n The ABS also said Australia posted a seasonally adjusted merchandise trade surplus of A$12.891 billion in January, the Australian Bureau of Statistics said on Thursday – beating expectations for a surplus of A$9.05 billion and up from A$8.356 billion in December. Exports were up 8.0 percent on month or A$3.487 billion to A$49.251 billion, driven by a rise in the export of metal ores and minerals; exports were up 1 percent in December. Imports fell 2 percent on month or A$581 million to A$36.359 billion, driven by a fall in telecommunications equipment and capital goods; imports were up 5 percent in the previous month.<\/p>\n In the currency market, the Aussie dollar is trading at $0.728 on Thursday.<\/p>\n On Wall Street, stocks moved sharply higher during trading on Wednesday, offsetting the steep drop seen in the previous session. The major averages all showed substantial moves back to the upside on the day.<\/p>\n The major averages held on to strong gains going into the close. The Dow shot 596.40 points or 1.8 percent at 33,891.35, the Nasdaq jumped 219.56 points or 1.6 percent to 13,752.02 and the S&P 500 spiked 80.28 points or 1.9 percent to 4,386.54.<\/p>\n The major European markets all also moved to the upside on the day. While the German DAX Index advanced by 0.7 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index jumped by 1.4 percent and 1.6 percent, respectively.<\/p>\n Crude oil prices climbed higher on Wednesday, extending gains amid concerns about global crude supplies due to the ongoing Russia-Ukraine conflict and data showing a drop in U.S. crude inventories. West Texas Intermediate Crude oil futures for April ended higher by $7.19 or 7 percent at $110.60, the highest settlement since May 2011. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n