Australian Market Notably Higher

RTTNews | 5h 58min ago
Australian Market Notably Higher

(RTTNews) - The Australian stock market is trading notably higher on Tuesday, reversing the losses in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,600 level, with gains across most sectors led by technology and financial stocks. Iron ore miners were the only weak spot.

The benchmark S&P/ASX 200 Index is gaining 38.60 points or 0.45 percent to 8,609.00, after touching a high of 8,632.60 earlier. The broader All Ordinaries Index is up 36.80 points or 0.42 percent to 8,852.10. Australian stocks closed slightly lower on Monday.

Among the major miners, BHP Group, Fortescue Metals, Mineral Resources and Rio Tinto are all losing almost 1 percent each.

Oil stocks are mostly higher. Woodside Energy and Santos are edging up 0.2 to 0.5 percent each, while Origin Energy is gaining more than 2 percent. Beach energy is edging down 0.4 percent.

Among tech stocks, Afterpay owner Block is surging more than 5 percent, Appen is advancing more than 4 percent and Zip is adding almost 3 percent, while Xero and WiseTech Global are gaining almost 1 percent each.

Gold miners are mostly higher. Gold Road Resources is gaining almost 1 percent, while Newmont, Evolution Mining and Northern Star resources are edging up 0.1 to 0.4 percent. Resolute Mining is losing almost 4 percent.

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

In other news, shares in Tyro Payments are tumbling more than 8 percent after the Reserve Bank announced it would ban surcharges on all debit and credit transactions under the eftpos, Mastercard and Visa networks in a bid to overhaul the payments system.

In the currency market, the Aussie dollar is trading at $0.655 on Tuesday.

On Wall Street, stocks moved lower during trading on Monday and gradually ticked up into positive territory, finishing with mild gains.

The major averages ended the day in positive territory. The Dow added 88.14 points or 0.20 percent to finish at 44,459.65, while the Nasdaq gained 54.80 points or 0.27 percent to close at 20,640.33 and the S&P 500 rose 8.81 points or 0.14 percent to end at 6,268.56.

Meanwhile, the major European markets ended the day mixed. While the U.K.'s FTSE 100 Index gained by 0.4 percent, the French CAC 40 Index dipped by 0.4 percent and the German DAX Index slipped by 0.9 percent.

Crude oil prices slumped on Monday on continuing concerns over OPEC's decision to increase output again next month. West Texas Intermediate crude for August delivery dropped $1.24 or 1.85 percent to $65.79 per barrel.

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