Australian Market Slightly Higher

(RTTNews) - The Australian stock market is currently trading slightly higher on Monday, adding to the gains in the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,700.00 level at fresh all-time highs, following the broadly positive cues from global markets on Friday, with gains across most sectors led by gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 2.40 points or 0.03 percent to 7,748.00, after touching a fresh all-time high of 7,769.10 earlier. The broader All Ordinaries Index is up 5.40 points or 0.07 percent to 8,012.50. Australian stocks closed notably higher on Friday.

Among the major miners, Rio Tinto and Fortescue Metals are edging down 0.3 to 0.4 percent each, while BHP Group is losing almost 1 percent. Mineral Resources is gaining almost 1 percent.

Oil stocks are mixed. Beach energy and Santos are gaining almost 1 percent each, while Origin Energy and Woodside Energy are losing almost 1 percent each. Among tech stocks, Xero is gaining more than 1 percent, Appen is surging more than 5 percent, Zip is adding almost 4 percent and WiseTech Global is up almost 2 percent, while Afterpay owner Block is edging down 0.1 percent.

Gold miners are higher. Gold Road Resources is surging 6.5 percent, Northern Star Resources is advancing almost 6 percent, Evolution Mining is gaining more than 5 percent, Newmont is adding more than 1 percent and Resolute Mining is rising more than 4 percent.

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

In economic news, the total number of building approvals issued in Australia in January was down a seasonally adjusted 1.0 percent on month - coming in at 12,850. That missed forecasts for an increase of 4.0 percent following the 9.5 percent drop in December. The value of new residential building rose 19.4 percent to A$7.14 billion, while the value of non-residential building climbed 12.4 percent to A$4.92 billion.

Meanwhile, company operating profits in Australia were up a seasonally adjusted 7.4 percent in quarter in the fourth quarter of 2023, the Australian Bureau of Statistics said on Monday. That beat forecasts for an increase of 1.8 percent following the 1.3 percent decline in the three months prior. Profits were down 5.4 percent on year.

In the currency market, the Aussie dollar is trading at $0.653 on Monday.

On Wall Street, stocks showed a strong move to the upside during trading on Friday, adding to the gains posted in Thursday's session. With the extended upward move, the Nasdaq and S&P 500 once again reached new record closing highs.

The tech-heavy Nasdaq jumped 183.02 points or 1.1 percent to 16,274.94 and the S&P 500 climbed 40.81 points or 0.8 percent to 5,137.08. The narrower Dow posted a more modest gain, rising 90.99 points or 0.2 percent to 39,087.38.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index advanced by 0.7 percent, the German DAX Index rose by 0.3 percent and the French CAC 40 Index inched up by 0.1 percent.

Crude oil prices rose to a four-month high on Friday, buoyed by reports that oil demand surged to a four-year high in 2023 and will hold near that level again this year. West Texas Intermediate Crude oil futures for April spiked $1.71 or 2.2 percent at $79.97 a barrel, the highest close since November 6, 2023.