The Australian stock market surged on Friday, reclaiming losses from the previous session and tracking the positive momentum from Wall Street overnight. The benchmark S&P/ASX 200 moved significantly above the 7,700 level, driven by gains across most sectors, particularly gold miners and technology stocks. The S&P/ASX 200 Index advanced 88.60 points, or 1.15%, to reach 7,770.60, after peaking at 7,773.40 earlier in the day. Similarly, the broader All Ordinaries Index increased by 93.50 points, or 1.19%, to 7,980.00. On Thursday, Australian markets had ended modestly lower.
In the mining sector, BHP Group rose by 0.3%, Mineral Resources added nearly 1%, and Rio Tinto gained over 1%, while Fortescue Metals remained flat. Oil stocks mostly saw gains, with Origin Energy rising by almost 1%, Woodside Energy adding over 2%, and both Beach Energy and Santos advancing nearly 2% each.
Technology stocks showed strong performance, with Block, the owner of Afterpay, surging over 5%. Xero increased by almost 3%, WiseTech Global advanced more than 3%, and both Zip and Appen gained nearly 5% each.
Among the major banks, Commonwealth Bank and Westpac edged up between 0.2% and 0.5% each, while National Australia Bank gained nearly 1%, and ANZ Banking added over 1%. Gold miners were mostly higher, with Evolution Mining, Newmont, and Northern Star Resources each advancing nearly 2%. Gold Road Resources and Resolute Mining both added more than 3%.
Notably, shares in Life360 skyrocketed over 18% following an upgrade in its full-year revenue guidance, driven by a jump in its user base last quarter and global expansion plans.
In the currency market, the Australian dollar was trading at $0.659 on Friday.
On Wall Street, stocks rose sharply on Thursday, with major averages more than offsetting the downturn from the prior session. The indices surged early in the session and continued to climb throughout the day. The Nasdaq soared by 464.22 points, or 2.9%, to 16,660.02, the S&P 500 jumped 119.81 points, or 2.3%, to 5,319.31, and the Dow Jones Industrial Average climbed by 683.04 points, or 1.8%, to 39,446.49.
In Europe, major markets had mixed performances. The German DAX Index climbed by 0.4%, while the French CAC 40 Index and the U.K.’s FTSE 100 Index both declined by 0.3%.
Crude oil prices closed higher on Thursday amid potential supply disruptions due to Middle East tensions and hopes of increased demand in the U.S. West Texas Intermediate Crude oil futures for September rose by $0.96, or 1.28%, to settle at $76.19 a barrel.
