Australia’s Markets Are Slightly More Competitive

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Australian stocks were modestly higher on Friday, extending gains in the two previous trading sessions. The benchmark S&P/ASX 200 index closed just below the 7,100 level.

Despite the broadly negative cues from Wall Street overnight, the Australian market was modestly higher on Friday. It was boosted by mining and energy stocks gains amid a rebound in commodity prices.

“Market has probably gone ahead of itself,” Ms Liu said.

The benchmark S&P/ASX 200 Index is in the green territory, gaining 23.50 points or 0.33 per cent to 7,087.10 after touching a high of 7,090.00 earlier today.

The broader All Ordinaries Index ended the day higher, up 24.00 points or 0.33 per cent to 7,283.30. The market gained momentum throughout the day as banks and other financial stocks rose on better-than-expected quarterly earnings reports.

Among significant miners, BHP Group and Rio Tinto are gaining almost 3% each. Fortescue Metals is adding nearly 2 per cent, while Mineral Resources is advancing more than 3 per cent. Various other mining stocks are also showing substantial gains.

Oil stocks were higher for the day, with Santos, Woodside Energy and Origin Energy gaining almost 1 per cent each. Beach Energy was edging up 0.1 per cent in a modest advance.

The National Australia Bank, Westpac, and Commonwealth Bank were all edging down 0.4 to 0.5 per cent each on Friday, while ANZ Banking was flat. However, despite the negative performance from the big four banks, the Australian market remained modestly higher for the day, driven by strength in mining and energy stocks.

On Friday, the Aussie dollar is trading at $0.677 in the currency market. The Australian dollar has weakened significantly over the past few months due to ongoing trade tensions and a global economic slowdown.

On Wall Street, stocks moved sharply lower in early trading on Thursday. They remained firmly negative throughout the session as investors reacted to weak economic data out of China and rising US-China trade tensions.

However, despite the broad negative cues from global markets, Australian stocks remained modestly higher on Friday. Overall, investors seem cautiously optimistic about Australia’s future despite significant geopolitical tensions impacting world markets.

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