Bank, Gold, Oil, and Tech Stocks Deliver ASX 200 Support
The ASX 200 advanced by 0.49% through the Friday morning session. Bank, gold, oil, and tech contributed to the early gains. The S&P/ASX All Technology Index rose by 0.26%.
Investors brushed aside a pullback in WTI crude oil prices, while an upswing in gold spot (XAU/USD) drove buyer demand for gold-related stocks. Gold spot rose by 0.21% on Thursday, ending the session at $2,343. WTI crude oil slid by 1.67% to $77.91.
Gold-related stocks Northern Star Resources Ltd. (NST) and Evolution Mining Ltd (EVN) were up 2.72% and 1.96%, respectively.
Woodside Energy Group Ltd (WDS) advanced by 0.39%, with Santos Ltd (STO) gaining 0.67%.
Commonwealth Bank of Australia (CBA) was up 0.76%, with Westpac Banking Corp. (WBC) gaining 0.46%. ANZ Group Holdings Ltd. (ANZ) and National Australia Bank Ltd. (NAB) rose by 0.43% and 0.45%, respectively.
However, mining stocks had a mixed Friday morning after a pullback in iron ore prices on Thursday. Iron ore spot tumbled 3.63%.
BHP Group Ltd (BHP) and Fortescue Metals Group Ltd. (FMG) fell by 0.70% and 1.92%, respectively. Rio Tinto Group Ltd. (RIO) increased by 0.31%.
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