Australian Market Defies Wall Street Sell-Off with Surging Energy Stocks

The US stock market closed in the red on Friday after a stronger-than-expected jobs report fueled rate-hike fears, but Australia's ASX 200 index bucked the trend and rose by 23.4 points or 0.26% to 9,029.3.

The surge in energy stocks drove the rally, with crude oil prices extending gains above $96 a barrel. Whitehaven Coal Ltd (WHC.AU) led the charge, rising 6%, followed by New Hope Corp Ltd (NHC.AU), which added 3.4%.

Miners also performed well, with Rio Tinto Ltd (RIO.AU) up 1.7% and BHP Group Ltd (BHP.AU) 2% higher. However, gold producers bucked the trend as bullion prices eased, with Evolution Mining Ltd (EVN.AU), Northern Star Resources Ltd (NST.AU), and Newmont Corp (NEM.AU) opening down between 0.4% and 0.6%.

Among other stocks to watch, Austal Ltd (ASB.AU) advanced 3.1% on news it held talks with a United States investment group about a counterbid for its American business. BUBS Australia Ltd (BUB.AU) jumped 29% after winning permanent regulatory authorisation from the US Food and Drug Administration for three infant formula lines.