The Australian stock market is slightly higher on Wednesday, extending the gains of the previous three sessions, with the benchmark S&P/ASX 200 just below the 7,400 level near all-time highs, as strength in energy and financial stocks are offsetting weakness in big miners and technology stocks. Traders are optimistic after the June minutes from the RBA showed that policymakers believe the economy is expanding more rapidly than previously anticipated.
On the COVID-19 front, there have been five new locally acquired and three new overseas acquired COVID-19 cases reported in the state of Victoria, with the active cases in the state totalling 55.
The benchmark S&P/ASX 200 Index is gaining 15.80 points or 0.21 percent to 7,395.30, after touching an all-time high of 7,399.40 earlier. The broader All Ordinaries Index is up 12.10 points or 0.16 percent to 7,645.10. Australian stocks ended notably higher on Tuesday.
Among major miners, BHP Group and Rio Tinto are losing more than 1 percent each, while Mineral Resources is declining almost 2 percent. OZ Minerals is down almost 5 percent, while Fortescue Metals is edging up 0.2 percent.
Oil stocks are higher after crude oil prices climbed. Oil Search, Origin Energy and Beach energy are gaining more than 1 percent each, while Woodside Petroleum is adding almost 3 percent and Santos is up almost 1 percent.
In the tech space, Afterpay is losing more than 2 percent, Appen is declining more than 4 percent, Xero is down almost 2 percent and WiseTech Global is lower by more than 1 percent.
Among the big four banks, Westpac and ANZ Banking are edging up 0.5 percent each, while National Australia Bank and Commonwealth Bank are gaining almost 1 percent each.
Gold miners are lower as gold prices tumbled overnight. Evolution Mining, Newcrest Mining, Northern Star Resources and Resolute Mining are edging down 0.5 percent each, while Gold Road Resources losing almost 1 percent.
In other news, shares in Avita Medical are surging almost 10 percent after the biotech raised its quarterly guidance due to the strength of orders for its flagship ReCell system the treatment of burns.
In economic news, the Westpac-Melbourne Institute Leading Economic Index in Australia edged down 0.06 percent on month in May, the first decline in four months, after a downwardly revised 0.2 percent gain in April.
In the currency market, the Aussie dollar is trading at $0.769 on Wednesday.
On Wall Street, stocks moved to the downside during trading on Tuesday, with traders looking ahead to the Federal Reserve's monetary policy announcement on Wednesday. The Nasdaq and the S&P 500 pulled back after ending the previous session at new record closing highs.
The major averages all closed in negative territory, although the tech-heavy Nasdaq underperformed its counterparts. While the Nasdaq slid 101.29 points or 0.7 percent to 14,072.86, the Dow fell 94.42 points or 0.3 percent to 34,299.33 and the S&P 500 dipped 8.56 points or 0.2 percent to 4,246.59.
Meanwhile, the major European have all moved to the upside on the day. The U.K.'s FTSE 100 Index, the German DAX Index and the French CAC 40 Index all finished the session up by 0.4 percent.
Crude oil prices rose sharply on Tuesday, with traders betting on hopes that demand for oil will see a significant increase in the second half of this year amid signs of a strong economic rebound from the pandemic. West Texas Intermediate Crude oil futures for July ended up $1.24 or 1.8 percent at $72.12 a barrel, the highest settlement in more than years.
For comments and feedback contact: editorial@rttnews.com
