Australian Market Notably Higher

(RTTNews) - The Australian stock market is trading notably higher on Tuesday, reversing some of the losses in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to near the 8,550 level, with gains across most sectors led by technology and energy stocks. Gold miners were the only weak spot.

The benchmark S&P/ASX 200 Index is gaining 34.10 points or 0.40 percent to 8,549.80, after touching a high of 8,552.30 earlier. The broader All Ordinaries Index is up 36.60 points or 0.42 percent to 8,778.50. Australian stocks closed modestly lower on Friday ahead of the holiday on Monday.

Among the major miners, BHP Group and Rio Tinto are edging up 0.4 percent each, while Fortescue Metals is adding more than 1 percent and Mineral Resources is gaining more than 3 percent.

Oil stocks are mostly higher. Origin Energy is gaining more than 1 percent and Beach energy is adding almost 1 percent, while Woodside Energy and Santos are advancing almost 2 percent each.

Among tech stocks, Afterpay owner Block is advancing more than 3 percent and Zip is surging more than 5 percent, while WiseTech Global and Xero are edging up 0.2 to 0.5 percent each. Appen is flat.

Gold miners are mostly lower. Evolution Mining is losing more than 4 percent, Northern Star resources is down almost 1 percent and Gold Road Resources is edging down 0.4 percent, while Resolute Mining and Newmont are declining almost 4 percent each.

Among the big four banks, National Australia Bank and Westpac are edging up 0.4 to 0.5 percent each, while ANZ Banking is gaining almost 1 percent. Commonwealth Bank is edging down 0.2 percent.

In other news, shares in Coronado Global Resources are jumping more than 13 percent after the coal miner announced that the Queensland state government-owned electricity provider Stanwell will provide up to A$230 million of near-term liquidity in exchange for thermal coal supply of up to 800,000 tonnes annually over five years commencing in 2027.

Shares in Monash IVF are plummeting almost 25 percent after reporting its second IVF embryo incident. In the currency market, the Aussie dollar is trading at $0.652 on Tuesday.

On Wall Street, stocks turned in a relatively lackluster performance during trading on Monday following the strong upward move seen during last Friday's session. Despite the choppy trading, the tech-heavy Nasdaq reached a new three-month closing high.

The major averages ended the day narrowly mixed. While the Dow edged down 1.11 points or less than a tenth of a percent to 42,761.76, the S&P 500 inched up 5.52 points or 0.1 percent to 6,005.88 and the Nasdaq rose 61.28 points or 0.3 percent to 19,591.24.

Meanwhile, the major European markets moved to the downside on the day. While the German DAX Index fell by 0.5 percent, the French CAC 40 Index dipped by 0.2 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.

Crude oil prices rose on Monday due to hopes sparked by US-China trade talks and that the nearing summer travel season may boost energy demand. West Texas Intermediate crude for July delivery settled at $65.29 per barrel, up 71 cents, the highest since April 3.