Australian Market Modestly Higher

RTTNews | 57 days ago

(RTTNews) - The Australian stock market is modestly higher on Monday, reversing some of the losses in the previous two sessions, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is staying above the 8,500.00 level, with gains is financial and technology stocks partially offset by weakness in mining stocks.

The benchmark S&P/ASX 200 Index is gaining 16.10 points or 0.19 percent to 8,530.30, after touching a high of 8,542.00 earlier. The broader All Ordinaries Index is up 16.10 points or 0.18 percent to 8,759.70. Australian stocks closed modestly lower on Friday.

Among the major miners, BHP Group, Fortescue Metals and Rio Tinto are losing almost 2 percent each, while Mineral Resources is edging down 0.2 percent.

Oil stocks are mixed. Origin Energy and Santos are edging up 0.5 percent each, while Beach energy is edging down 0.2 percent and Woodside Energy is losing 1.5 percent.

Among tech stocks, Afterpay owner Block gaining more than 4 percent, Zip is advancing almost 2 percent and WiseTech Global is adding more than 1 percent, while Appen is losing almost 3 percent. Xero is flat.

Gold miners are lower. Evolution Mining, Gold Road Resources and Northern Star Resources are edging down 0.1 to 0.4 percent each, while Newmont is losing more than 2 percent and Resolute Mining is declining almost 4 percent.

Among the big four banks, Commonwealth Bank, Westpac and ANZ Banking are edging up 0.1 to 0.3 percent each, while National Australia Bank is gaining almost 1 percent.

In other news, share in James Hardie jumped more than 7 percent after shareholders in US outdoor decking company Azek approved a $14 billion buyout, with James Hardie shifting its primary listing to the NYSE.

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

On Wall Street, stocks saw considerable volatility over the course of the trading day on Friday after moving sharply higher early in the session. The major averages showed wild swings as the day progressed, although the S&P 500 and the Nasdaq still managed to end the day at new record closing highs.

The major averages moved to the upside going into the close after an early afternoon pullback. The Dow jumped 432.43 points or 1.0 percent at 43,819.27, the Nasdaq climbed 105.55 points or 0.5 percent to 20,273.46 and the S&P 500 rose 32.05 points or 0.5 percent to 6,173.07.

The major European markets also moved to the upside on the day. The French CAC 40 Index surged by 1.8 percent, the German DAX Index jumped by 1.6 percent and the U.K.'s FTSE 100 Index climbed by 0.7 percent.

Crude oil prices moved higher on Friday in the wake of the U.S. confirming readiness to sign trade deals with China and multiple other trading partners, plus indications of strong summer demand. West Texas Intermediate crude for August delivery rose $0.28 to settle at $65.52 per barrel.

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