Australian Market Trims Early Gains In Mid-market

(RTTNews) - The Australian stock market is trimming its early gains in mid-market trading on Tuesday, recouping the losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,850 level, with gains across most sectors led by mining and technology shares.

The benchmark S&P/ASX 200 Index is gaining 21.40 points or 0.24 percent to 8,874.40, after touching a high of 8,888.00 earlier. The broader All Ordinaries Index is up 26.70 points or 0.29 percent to 9,147.60. Australian stocks closed modestly lower on Monday.

Among the major miners, BHP Group is gaining more than 1 percent and Mineral Resources is surging more than 4 percent, while Rio Tinto and Fortescue are advancing almost 2 percent each. Oil stocks are mixed. Santos and Woodside Energy are edging down 0.3 percent each, while Beach energy is gaining almost 2 percent and Origin Energy is edging up 0.2 percent.

Among tech stocks, Afterpay owner Block is gaining almost 2 percent, Appen is advancing almost 4 percent, Zip is adding almost 1 percent and Xero is edging up 0.3 percent, while WiseTech Global is edging down 0.3 percent.

Gold miners are mostly higher. Northern Star resources and Evolution Mining are gaining almost 2 percent each, while Resolute Mining and Newmont are adding almost 1 percent each. Gold Road Resources is edging up 0.4 percent.

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

In the currency market, the Aussie dollar is trading at $0.667 on Tuesday.