Australian Market Notably Higher

(RTTNews) - Adding to the gains in the previous session, the Australian stock market is notably higher on Tuesday, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving to a tad below the 7,700 level, with gains in iron ore miners, financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 35.60 points or 0.47 percent to 7,684.80, after touching a high of 7,694.90 earlier. The broader All Ordinaries Index is up 36.10 points or 0.46 percent to 7,938.10. Australian stocks closed significantly higher on Monday.

Among the major miners, Rio Tinto, Fortescue Metals and BHP Group are edging up 0.3 to 0.5 percent each, while Mineral Resources is adding almost 1 percent.

Oil stocks are mostly higher. Santos, Beach energy and Woodside Energy are gaining almost 1 percent each, while Origin Energy is edging down 0.2 percent.

Among tech stocks, WiseTech Global and Xero are edging up 0.5 percent each, while Zip is adding more than 2 percent, Afterpay owner Block is advancing almost 1 percent and Appen is surging almost 5 percent.

Gold miners are mostly lower. Evolution Mining and Northern Star resources are losing almost 3 percent each, while Newmont is down more than 4 percent and Resolute Mining is declining more than 3 percent, while Gold Road Resources is gaining almost 1 percent.

Among the big four banks, Commonwealth Bank, Westpac, ANZ Banking and National Australia Bank are gaining more than 1 percent each.

In the currency market, the Aussie dollar is trading at $0.646 on Tuesday.

On Wall Street, stocks climbed higher on Monday with those from the technology sector turning in a fine performance, as traders indulged in some bargain hunting after recent losses. Easing worries about Middle East tensions helped underpin sentiment.

The major averages all closed on a firm note. The Dow ended with a gain of 253.78 points or 0.67 percent at 38,239.98, the S&P 500 settled at 5,010.60, gaining 43.37 points or 0.87 percent, while the Nasdaq ended higher by 169.30 points or 1.11 percent at 15,451.31.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index shot up by 1.62 percent, the German DAX Index climbed 0.7 percent and the French CAC 40 Index ended up by 0.22 percent.

Crude oil prices drifted lower on Monday on concerns about the outlook for global oil demand, while recent data showing a sharp jump in U.S. crude inventories also weighed on oil prices. West Texas Intermediate Crude oil futures for May fell $0.29 or 0.34 percent at $82.85 a barrel.