Australian Market Notably Higher

(RTTNews) - Recouping the losses in the previous session, the Australian stock market is notably higher on Tuesday, following the lack of cues from global markets overnight as they were closed for New Holiday. The benchmark S&P/ASX 200 is moving above the 7,600 level to near record highs, with gains across most sectors, except gold miners.

The benchmark S&P/ASX 200 Index is gaining 35.30 points or 0.47 percent to 7,626.10, after touching a high of 7,632.70 earlier. The broader All Ordinaries Index is up 34.60 points or 0.44 percent to 7,864.10. Australian stocks closed modestly lower on Friday ahead of the holiday on Monday.

Among the major miners, Fortescue Metals, BHP Group and Rio Tinto are edging up 0.2 to 0.5 percent each, while Mineral Resources is adding almost 1 percent.

Oil stocks are mostly higher. Woodside Energy, Beach energy and Santos are gaining almost 1 percent each, while Origin Energy is edging up 0.2 percent.

Among tech stocks, WiseTech Global, Appen and Xero are gaining almost 1 percent each, while Zip is edging up 0.5 percent. Afterpay owner Block is losing more than 2 percent.

Gold miners are mostly lower. Gold Road Resources is losing almost 2 percent, Northern Star resources is declining almost 1 percent and Newmont is edging down 0.5 percent, while Evolution Mining is edging up 0.4 percent. Resolute Mining is flat.

Among the big four banks, Commonwealth Bank and Westpac are gaining almost 1 percent each, while National Australia Bank and ANZ Banking are edging up 0.3 to 0.5 percent each.

In the currency market, the Aussie dollar is trading at $0.681 on Tuesday.

On Wall Street, the markets were closed for New Year holiday on Monday after closing modestly lower on Friday.

The major European markets also were closed for New Year holiday on Monday after closing modestly higher on Friday.