Australian Market Notably Lower | Nasdaq

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(RTTNews) – The Australian stock market is notably lower on Friday, giving up the gains in the previous session, with the benchmark S&P/ASX 200 just above the 7,400 level, following the mixed cues overnight from Wall Street, dragged by materials, gold miners, energy and financial stocks. Traders also are concerned as the country struggles to contain the domestic coronavirus situation, primarily in New South Wales and Victoria.

NSW has reported 1,284 new local cases of COVID-19 and twelve deaths on Thursday. Victoria recorded 510 new locally acquired cases and one death, with active cases now totalling 4,697 across the state.

The benchmark S&P/ASX 200 Index is losing 57.00 points or 0.76 percent to 7,403.20, after hitting a low of 7,389.30 earlier. The broader All Ordinaries Index is down 60.20 points or 0.78 percent to 7,699.60. Australian markets ended modestly higher on Thursday.

Among major miners, BHP Group is losing almost 3 percent, Mineral Resources is declining more than 6 percent, OZ Minerals is lower by almost 4 percent, Fortescue Metals is plunging more than 8 percent and Rio Tinto is down more than 3 percent.

Oil stocks are lower. Oil Search is declining 1.5 percent, Beach energy is losing more than 1 percent, Woodside Petroleum is edging down 0.2 percent, Origin Energy is down almost 1 percent and Santos is lower by more than 2 percent.

Among tech stocks, Xero is gaining almost 1 percent, Appen is adding almost 2 percent, WiseTech Global is up more than 3 percent and Afterpay is rising almost 3 percent.

Among the big four banks, ANZ Banking, Commonwealth Bank and Westpac are losing almost 1 percent each, while National Australia Bank is declining more than 1 percent.

Gold miners are lower. Newcrest Mining and Evolution Mining are losing almost 4 percent each, while Gold Road Resources and Northern Star Resources are declining almost 5 percent each. Resolute Mining is down more than 3 percent.

In other news, shares in Iress tumbled more than 11 percent after the software maker revealed that suitor EQT has walked away from the table.

In the currency market, the Aussie dollar is trading at $0.729 on Friday.

On Wall Street, stocks fluctuated over the course of the trading session on Thursday before ending the day little changed. The major averages recovered from an early move to the downside but eventually finished the session on opposite sides of the unchanged line.

After tumbling by nearly 275 points in morning trading, the Dow closed down just 63.07 points or 0.2 percent at 34,751.32. The S&P 500 also dipped 6.95 points or 0.2 percent to 4,473.75, while the Nasdaq inched up 20.40 points or 0.1 percent to 15,181.92.

Meanwhile, the major European markets moved to the upside on the day. While the French CAC 40 Index climbed by 0.6 percent, the German DAX Index and the UK.’s FTSE 100 Index both edged up by 0.2 percent.

Crude oil futures settled flat on Thursday, giving up early gains on concerns over China’s decision to release some crude oil from its strategic petroleum reserve. West Texas Intermediate Crude oil futures for October settled at $72.61 a barrel, unchanged from the previous close.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.