Australian Market Modestly Lower

The Australian stock market is modestly higher on Tuesday, extending the gains in the previous six sessions, with the benchmark S&P/ASX 200 moving above the 7,300 level, despite the broadly negative cues from European markets overnight, with slight gains in mining and energy stocks amid higher commodity prices.

Traders also await the release of the minutes of the latest Reserve Bank of Australia policy meeting which could provide fresh insight on the path for domestic monetary policy.

The benchmark S&P/ASX 200 Index is gaining 12.90 points or 0.18 percent to 7,307.80, after touching a high of 7,320.00 earlier. The broader All Ordinaries Index is up 11.00 points or 0.15 percent to 7,500.20. Australian stocks closed notably higher on Monday.

Among the major miners, BHP Group and Rio Tinto are gaining almost 1 percent each, while Mineral Resources is edging down 0.2 percent. Fortescue Metals is flat.

Oil stocks are mostly higher. Woodside Energy and Santos are gaining almost 1 percent each, while Beach energy is edging up 0.4 percent. Origin Energy is edging down 0.4 percent.

Among tech stocks, Afterpay owner Block and WiseTech Global are edging down 0.1 to 0.3 percent each, while Appen is gaining more than 1 percent, Xero is edging up 0.2 percent and Zip is adding almost 1 percent.

Gold miners are mostly lower. Gold Road Resources and Northern Star resources are edging up 0.2 to 0.4 percent each, while Newcrest Mining and Evolution Mining are edging down 0.2 to 0.3 percent each. Resolute Mining is losing more than 2 percent.

Among the big four banks, Commonwealth Bank, Westpac and National Australia Bank are edging up 0.2 to 0.5 percent each, while ANZ Banking is edging down 0.5 percent is flat.

In other news, shares in Lake Resources continued to plung more than 17 percent after the lithium developer reported on Monday disappointing operational update for its Kachi brine project in Argentina amid higher operational costs.

In the currency market, the Aussie dollar is trading at $0.685 on Tuesday.

The Wall Street was closed on account of Juneteenth Day holiday on Monday. The shares closed lower on Friday.

The major European markets moved to the downside on the day. The U.K.’s FTSE 100 dropped 0.71 percent, Germany’s DAX ended 0.96 percent lower, and France’s CAC 40 shed 1.0 percent.

Crude oil prices edged down Monday, with the West Texas Intermediate Crude oil futures for July down $0.16 or 0.2 percent at $71.31 a barrel.

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