Australian Market Exhibits Significant Rise
Market Recap: Global Stocks Rise, Aussie Market Leads Gain
In a positive trend for global markets, major indices saw gains on Thursday, with the Australian market leading the way. The S&P/ASX 200 Index moved above the 8,800 level, climbing 65.10 points or 0.75 percent, while the broader All Ordinaries Index rose 65.60 points or 0.73 percent.
The Aussie dollar traded at $0.655 on the day. Among the big four banks, Commonwealth Bank, National Australia Bank, Westpac, and ANZ Banking advanced almost 2 percent each, with the Commonwealth Bank, Westpac, and National Australia Bank stocks each gaining more than 1% on Thursday, while ANZ Banking posted only a smaller gain below 1%.
Major miners Rio Tinto, Fortescue, and Mineral Resources saw significant gains, with each company rising more than 2 percent. However, BHP Group lost almost 1 percent.
In the tech space, Afterpay owner Block, Xero, WiseTech Global, Appen, and Zip experienced gains. Gold miners had mixed performances, with Northern Star Resources, Evolution Mining, Gold Road Resources, Newmont, and Resolute Mining seeing varied results.
Oil stocks had a more subdued day, with West Texas Intermediate crude falling sharply, down $1.65 or 2.52 percent at $63.94 per barrel. Crude oil prices saw a significant drop, but the impact on the Australian market was not immediately clear.
Across the globe, the S&P 500 climbed 32.72 points or 0.5 percent to 6,448.26, while the Nasdaq jumped 218.10 points or 1.0 percent to 21,497.73. The French CAC 40 Index advanced by 0.9 percent, and the German DAX Index rose by 0.5 percent. The Dow saw a modest loss, edging down 24.58 points or 0.1 percent to 45,271.23, but Wall Street stocks moved back to the upside late in the session, ending the day mostly higher.
Major European markets also moved to the upside on the day, with the French CAC 40 Index and the German DAX Index leading the way. The U.K.'s FTSE 100 Index climbed by 0.7 percent, rounding out a day of overall market growth.
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