Australian Market Significantly Higher

(RTTNews) - The Australian stock market is significantly higher on Wednesday, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 moving to a tad below the 7,300 level, following the broadly positive cues from global markets overnight, boosted by gains across most sectors, led by in mining and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 61.90 points or 0.86 percent to 7,272.40, after touching a high of 7,290.40 earlier. The broader All Ordinaries Index is up 61.20 points or 0.83 percent to 7,477.60. Australian stocks ended notably higher on Tuesday.

Among major miners, Rio Tinto, BHP Group and Mineral Resources are gaining 1.5 percent each, while Fortescue Metals are adding more than 2 percent.

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

In the tech space, Afterpay owner Block is gaining almost 2 percent and Zip is adding more than 1 percent, while Appen and Xero are edging up 0.1 to 0.5 percent each. WiseTech Global is losing more than 1 percent. Among the big four banks, ANZ Banking and National Australia Bank are adding more than 1 percent each, while Westpac and Commonwealth Bank are gaining almost 1 percent each.

Among gold miners, Evolution Mining is gaining 1.5 percent, Newcrest Mining is adding more than 1 percent and Gold Road Resources is advancing 3.5 percent, while Northern Star Resources and Resolute Mining are up almost 1 percent each.

In other news, shares in Chalice Mining are plunging more than 26 percent on account of its update on its Gonneville deposit.

Shares in Boral are down more than 6 percent after Kerry Stokes' Seven Group trimmed its stake in the building products group.

Shares in Brambles are surging almost 6 percent after it lifted its final dividend.

Shares in City Chic Collective sank almost 10 percent after the retailer reported a full-year net loss and a drop in net sales, while also deciding not to declare a dividend for fiscal 2023.

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

On the Wall Street, stocks moved sharply higher during trading on Tuesday, extending the upward move seen over the two previous sessions. The major averages all moved to the upside, with the tech-heavy Nasdaq posting a standout gain.

The major averages finished the session just off their best levels of the day. The Nasdaq surged 238.63 points or 1.7 percent to 13,943.76, the S&P 500 jumped 64.32 points or 1.5 percent to 4,497.63 and the Dow advanced 292.69 points or 0.9 percent to 34,852.67.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index surged by 1.7 percent, the German DAX Index advanced by 0.9 percent and the French CAC 40 Index climbed by 0.7 percent.

Crude oil prices climbed higher on Tuesday with traders weighing the likely impact of the Hurricane Idalia on energy operations in the Gulf of Mexico, while a weak dollar also contributed to the uptick. West Texas Intermediate Crude oil futures for October climbed $1.06 or 1.3 percent at $81.16 a barrel.