Australian Market Modestly Higher

(RTTNews) - The Australian stock market is modestly higher on Monday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 staying above the 7,300 level, following the mixed cues from global markets on Friday, with gains in energy stocks amid a spike in crude oil prices. Traders are not making any significant moves ahead of the domestic inflation data out on Wednesday. The benchmark S&P/ASX 200 Index is gaining 12.10 points or 0.17 percent to 7,326.00, after touching a high of 7,333.20 earlier. The broader All Ordinaries Index is up 10.50 points or 0.14 percent to 7,537.30. Australian stocks closed modestly lower on Friday.

Among the major miners, BHP Group is edging down 0.1 percent and Mineral Resources is losing more than 1 percent, while Fortescue Metals and Rio Tinto are flat.

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

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

Gold miners are mixed. Gold Road Resources is gaining almost 1 percent, Evolution Mining is edging up 0.1 percent and Newcrest Mining is adding more than 1 percent, while Northern Star Resources is edging down 0.2 percent and Resolute Mining is losing almost 2 percent.

Among the big four banks, Commonwealth Bank, Westpac and National Australia Bank are edging up 0.1 percent each, while ANZ Banking is edging down 0.2 percent.

In other news, shares in Core Lithium are plunging almost 13 percent after the release of its activity report that showed output levels came in below expectations due to inclement weather.

In economic news, the manufacturing sector in Australia continued to contract in July, albeit at a slower pace, the latest survey from Judo Bank revealed on Monday with a manufacturing PMI score of 49.6. That's up from 48.2 in June, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the services PMI fell from 50.3 in June to 48.0 in July, and the composite index slipped from 50.1 in June to 48.3 in July.

In the currency market, the Aussie dollar is trading at $0.673 on Monday.

On Wall Street, stocks showed a lack of direction throughout much of the trading day on Friday following the mixed performance seen during Thursday's session. The major averages spent the day bouncing back and forth across the unchanged line.

The major averages eventually ended the day narrowly mixed. While the Nasdaq slipped 30.50 points or 0.2 percent to 14,032.81, the Dow inched up 2.51 points or less than a tenth of a percent to 35,227.69 and the S&P 500 crept up 1.47 points or less than a tenth of a percent to 4,536.34.

The major European markets also finished the day mixed. While the German DAX Index edged down 0.2 percent, the U.K.'s FTSE 100 Index rose 0.2 percent and the French CAC 40 Index climbed 0.7 percent.

Crude oil prices settled higher on Friday, lifted by data showing a drop in U.S. crude inventories and recent announcements by Saudi Arabia and Russia about crude output reductions. West Texas Intermediate Crude oil futures for September rose $1.42 or 1.9 percent at 77.07 a barrel. WTI Crude futures gained 2.3 percent in the week.