(RTTNews) – The Australian stock market is modestly higher on Thursday following the lackluster cues overnight from Wall Street and as investors digested Australia’s unemployment data for November released earlier today.
The benchmark S&P/ASX 200 Index is adding 17.60 points or 0.26 percent to 6,869.00, after rising to a high of 6872.80 earlier. The broader All Ordinaries Index is rising 19.30 points or 0.28 percent to 6,976.30. Australian stocks closed flat with a positive bias on Wednesday.
In the banking space, ANZ Banking, Westpac Banking and Commonwealth Bank are higher in a range of 0.2 percent to 0.4 percent, while National Australia Bank is lower by 0.4 percent.
Oil stocks are mostly higher with modest gains after crude oil prices ended almost flat overnight. Woodside Petroleum is adding 0.3 percent and Oil Search is edging up 0.1 percent, while Santos is down 0.1 percent.
Among the major miners, Rio Tinto and BHP are down 0.2 percent each, while Fortescue Metals is adding 0.4 percent.
Gold miners are weak after gold prices edged lower overnight. Evolution Mining is losing almost 2 percent and Newcrest Mining is declining 0.4 percent.
Australia’s competition watchdog, the ACCC, has raised concerns over Seven West Media’s proposed A$40 million sale of its Pacific Magazines titles to German-based rival Bauer Media. Shares of Seven West Media are unchanged.
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