The Australian market experienced a notable uptick on Thursday, breaking a three-session losing streak, influenced by the mixed signals from Wall Street overnight. The benchmark S&P/ASX 200 approached the 8,200 level, driven by gains in gold mining, financial, and technology stocks.
The S&P/ASX 200 Index increased by 46.00 points, or 0.57%, reaching 8,172.40, after hitting a high of 8,188.50 earlier in the day. Similarly, the broader All Ordinaries Index rose by 47.80 points, or 0.57%, to 8,420.60. Australian stocks had closed slightly lower the previous Wednesday.
In the mining sector, Rio Tinto saw an increase of more than 1%, while Mineral Resources edged down 0.4%, and Fortescue Metals lost nearly 2%. BHP Group remained flat.
The oil sector exhibited mixed performance. Beach Energy edged up 0.2%, and Origin Energy gained almost 1%. Meanwhile, Santos edged down 0.1%, and Woodside Energy declined nearly 1%.
In the technology space, Afterpay's parent company Block fell by more than 1%, and Xero edged down 0.5%. Conversely, Appen surged almost 6%, Zip advanced nearly 3%, and WiseTech Global added more than 1%.
Among the big four banks, Commonwealth Bank, ANZ Banking, and Westpac each edged up between 0.2% and 0.5%, while National Australia Bank gained almost 1%.
Gold miners also saw varied movements. Evolution Mining gained nearly 2%, Northern Star Resources added more than 1%, Resolute Mining advanced nearly 3%, and Newmont increased by almost 1%. However, Gold Road Resources lost almost 1%.
In currency markets, the Australian dollar traded at $0.683 on Thursday.
On Wall Street, stocks closed weak on Wednesday amid uncertainty about the near-term outlook, following recent gains that had propelled the Dow and the S&P 500 to record highs. Investors assessed the latest economic data and the central bank's rate cut trajectory.
The Dow fell by 293.47 points, or 0.7%, ending at 41,914.75, ending a four-session winning streak. The S&P 500 decreased by 10.67 points, or 0.19%, to settle at 5,722.26, while the Nasdaq gained 7.68 points, or 0.04%, closing at 18,082.21.
In Europe, major markets moved downward. The Stoxx 600 dipped by 0.11%, the U.K.'s FTSE 100 fell by 0.17%, Germany's DAX lost 0.41%, and France's CAC 40 declined by 0.5%.
Crude oil prices dropped sharply on Wednesday due to uncertainty about demand and easing concerns over supply disruptions in Libya. West Texas Intermediate Crude oil futures for November fell by $1.87, or 2.6%, to $69.69 per barrel.
