Australian Market Notably Higher

(RTTNews) - The Australian stock market is notably higher on Monday, recouping the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving well above the 9,000.00 mark, with gains across most sectors led by mining and technology stocks. Financial stocks were the only weal spot.

The benchmark S&P/ASX 200 Index is gaining 59.00 points or 0.66 percent to 9,026.80, after touching a high of 9,054.50 earlier. The broader All Ordinaries Index is up 62.60 points or 0.68 percent to 9,296.90. Australian stocks closed notably lower on Friday.

Among the major miners, Fortescue and Rio Tinto are adding more than 2 percent each, while BHP Group is gaining almost 3 percent and Mineral Resources is advancing more than 4 percent.

Oil stocks are mostly higher. Woodside Energy and Santos are adding more than 1 percent each, while Beach energy is gaining almost 2 percent. Origin Energy is edging down 0.5 percent.

Among tech stocks, Afterpay owner Block and Zip are surging more than 6 percent each, while WiseTech Global is adding almost 1 percent and Appen is advancing almost 5 percent. Xero is edging down 0.2 percent.

Gold miners are mostly higher. Northern Star Resources is adding almost 3 percent, Newmont is up more than 1 percent and Evolution Mining is gaining almost 2 percent, while Resolute Mining is losing more than 2 percent and Gold Road Resources is edging down 0.3 percent.

Among the big four banks, National Australia Bank is edging up 0.4 percent, while ANZ Banking and Westpac are edging down 0.3 percent each. Commonwealth Bank is flat.

In other news, shares in Nuix are diving more than 13 percent after the software maker slipped to a loss for the full year, due to higher legal costs and signing fewer multi-year customer contracts..

Shares in Reece are tumbling more than 14 percent after reporting downbeat results as weak housing markets in Australia, New Zealand and the US weighed on demand. In the currency market, the Aussie dollar is trading at $0.648 on Monday.

On Wall Street, stocks showed a substantial move back to the upside during trading on Friday after trending lower over the past several sessions. The major averages all moved sharply higher on the day, with the Dow reaching a new record closing high.

The major averages ended the day well off their best levels but still posted strong gains. The Dow shot up 846.24 points or 1.9 percent to 45,631.74, the Nasdaq surged 396.22 points or 1.9 percent to 21,496.53 and the S&P 500 jumped 96.74 points or 1.5 percent to 6,466.91.

The major European markets also showed significant moves to the upside on the day. While the French CAC 40 Index climbed by 0.4 percent, the German DAX Index rose by 0.3 percent and the U.K.'s FTSE 100 Index inched up by 0.1 percent.

Crude oil prices rose modestly on Friday as expectations of a Russia-Ukraine peace deal waned with no progress. West Texas Intermediate crude for October delivery was up $0.13 or 0.20 percent at $63.65 per barrel.