- The ASX 200 traded higher on Friday, supported by gains made by mining stocks amid rising commodity prices.
- Gold stocks led the index rise, but tech and healthcare stocks capped the gains.
- Appen Ltd, Silver Lake Resources and News Corp are some of the top gainers, so far in the day.
The ASX 200 traded higher on Friday, supported by gains made by mining stocks amid rising commodity prices. Gold stocks led the index rise, even as tech and healthcare stocks capped the gains. Banks, on the hand, traded flat. Appen Ltd, Silver Lake Resources and News Corp are some of the top gainers so far in the day.
Appen Ltd (ASX:APX)
The technology stock rose nearly 9% to the day’s high of AU$12.66. The stock has gained after Australian Prime Minister Scott Morrison on Thursday unveiled a US$1.2 billion digital spending package that would be part of the next week’s budget, including AU$124 million for AI research and grants. On Thursday, the shares of artificial intelligence (AI) firm fell after the release of a presentation at the Macquarie Australia Conference.
Silver Lake Resources Ltd (ASX:SLR)
The mining stock surged over 6.5% to the day’s high of AU$1.92. The gold miner has gained, tracking cues from an overnight jump in bullion prices, as a weaker dollar and easing Treasury yields propelled the safe-haven metal over the key US$1,800 psychological level. Australian gold sub-index AXGD jumped as much as 3.2% on Friday, its highest since 28 April 2021. Meanwhile, AXGD has declined 5.7% this year, as of the last close, compared to a 7.2% rise in the benchmark AXJO.
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Ramelius Resources Ltd (ASX:RMS)
The gold stock soared just nearly 6% to AU$1.82. For the first time in 10 years, gold prices rose above the key US$1,800 an ounce on Thursday.
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Gold Road Resources Ltd (ASX:GOR)
The gold producer rose just over 5% to day’s high of AU$1.36. The stock has been in focus ever since global brokerage JP Morgan said that it believed the gold sector continued to present good value on an NPV (net present value) basis. Its key picks comprised major gold stocks including Gold Road. The latest surge in the yellow metal’s prices has further helped the stock.
News Corporation (ASX:NWS)
The financial stock soared just over 4.5% to the intra-day high of AU$32.14. During the third-quarter, News Corp recorded EBIDTA of AU$298 million, up from the previous year’s $242 million. The revenue was 3% higher than the third quarter of 2020. Its net income was AU$96 million, compared to a net loss of AU$1 billion in the previous corresponding period.