Australian Market Notably Higher

(RTTNews) - Australian shares are trading notably higher on Wednesday, extending the gains in the previous session, with the benchmark S&P/ASX 200 moving well above the 8,600 level, following the broadly positive cues from Wall Street overnight, with gains across most sectors led by energy and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 37.10 points or 0.43 percent to 8,624.30, after touching a high of 8,639.10 earlier. The broader All Ordinaries Index is up 36.50 points or 0.41 percent to 8,849.20. Australian stocks ended significantly higher on Tuesday.

Among major miners, BHP Group and Fortescue metals are gaining more than 2 percent each, while Rio Tinto is adding more than 1 percent and Mineral Resources is advancing almost 4 percent.

Oil stocks are mostly higher. Woodside Energy is gaining more than 3 percent, Santos is adding 1.5 percent and Origin Energy is edging up 0.4 percent, while Beach energy is losing more than 1 percent.

In the tech space, Afterpay owner Block is losing more than 1 percent and Xero is edging down 0.1 percent, while WiseTech Global is gaining more than 1 percent and Appen is adding almost 1 percent.

Zip is jumping more than 15 percent after the buy now pay later company upgraded its full-year earnings guidance amid continued strong performance, particularly in the US business.

Among the big four banks, Commonwealth Bank, National Australia bank, Westpac and ANZ Banking are all edging up 0.3 to 0.5 percent each.

Among gold miners, Evolution Mining is edging down 0.5 percent and Resolute Mining is declining more than 1 percent, while Northern Star Resources and Newmont are down almost 1 percent each. Gold Road Resources is gaining almost 1 percent.

In other news, shares in Johns Lyng Group are jumping more than 14 percent after the integrated building services group confirmed media reports of a non-binding indicative offer from Pacific Equity Partners.

Shares in Perseus Mining are slipping almost 6 percent after the gold miner released weak five-year operating outlook.

Shares in Pilbara Minerals are surging more than 8 percent after the lithium miner revealed a significant upgrade to the mineral resource at its 100%-owned Pilgangoora Operation in Western Australia.

In the currency market, the Aussie dollar is trading at $0.652 on Wednesday.

On the Wall Street, stocks moved modestly to the upside on Tuesday as traders await the outcome of the ongoing trade talks between China and the U.S. in London. Trade negotiations between the world's two largest economies commenced on Monday - and while U.S. Commerce Secretary Howard Lutnick told reporters the talks are "going well," there has been no breakthrough as of yet.

The Dow climbed 105.11 points or 0.25 percent to finish at 42,866.87, while the NASDAQ gained 123.75 points or 0.63 percent to close at 19,714.99 and the S&P 500 added 32.93 points or 0.55 percent to end at 6,038.81.

Meanwhile, the major European markets turned in a mixed performance on the day. The U.K.'s FTSE 100 gained 0.44 percent, while Germany's DAX and France's CAC 40 closed down 0.1 percent and 0.2 percent, respectively.

Crude oil prices were down on Tuesday amidst uncertainty over trade talks between China and the United States continued, although the outcome remains uncertain. West Texas Intermediate crude oil for July delivery closed down by $0.31 to settle at $64.98 per barrel.