Australian Market Modestly Lower

(RTTNews) - The Australian stock market is trading modestly lower on Friday, extending the sharp losses in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,600 level, with weakness in financial stocks and a mixed performance across most other sectors.

The benchmark S&P/ASX 200 Index is losing 19.10 points or 0.22 percent to 8,609.90, after hitting a low of 8,585.70 earlier. The broader All Ordinaries Index is down 22.10 points or 0.25 percent to 8,829.30. Australian stocks closed sharply lower on Thursday.

Among major miners, BHP Group is losing more than 2 percent and Mineral Resources is down almost 1 percent, while Rio Tinto is gaining more than 2 percent and Fortescue is advancing more than 4 percent.

Oil stocks are mostly higher. Beach energy is gaining almost 1 percent, while Woodside Energy and Santos are adding more than 1 percent each. Origin Energy is losing almost 1 percent. Among tech stocks, Afterpay-owner Block is declining almost 5 percent, WiseTech Global is slipping almost 3 percent and Zip is down almost 4 percent, while Xero is gaining almost 2 percent and Appen is up almost 1 percent.

Among the big four banks, National Australia Bank, ANZ Banking and Westpac are down almost 1 percent each, while Commonwealth Bank is losing more than 1 percent. Gold miners are weak. Evolution Mining is losing more than 1 percent, Resolute Mining is edging down 0.4 percent and Genesis Minerals is declining almost 5 percent, while Newmont is gaining almost 1 percent. Northern Star Resources is tumbling almost 15 percent after is warns on production guidance citing weaker milling at the Kalgoorlie Super Pit and reduced output at Jundee.

In other news, shares in Syrah Resources are plunging more than 25 percent after the U.S. International Trade Commission rejected tariffs on Chinese graphite anode materials. However, the company said it remains committed to ramping up its Vidalia facility in Louisiana.

Shares in Electro Optic Systems are surging more than 9 percent after the counter-drone technology company secured two new unconditional orders for counter-drone systems worth a total of US$45 million, and flagged growing interest out of the Middle East following the conflict in the region.

In the currency market, the Aussie dollar is trading at $0.708 on Friday.

On Wall Street, stocks moved sharply lower over the course of the trading session on Thursday after closing little changed for two straight days. With the steep losses on the day, the major averages dropped to their lowest closing level in well over three months.

The major averages finished the day just off their lows of the session. The Dow plunged 739.42 points or 1.6 percent to 46,677.85, the Nasdaq tumbled 404.16 points or 1.8 percent to 22,311.98 and the S&P 500 slumped 103.18 points or 1.5 percent to 6,672.62.

The major European markets also moved to the downside on the day. While the French CAC 40 Index declined by 0.7 percent, the German DAX Index fell by 0.5 percent and the U.K.'s FTSE 100 Index dipped by 0.2 percent.

Crude oil prices surged on Thursday after the new leadership in Iran refused to bow down to U.S. pressure in the raging Middle East war and instead vowed revenge. West Texas Intermediate crude for April delivery was up $7.45 or 8.54 percent at $94.70 per barrel.