The Australian stock market is modestly higher in chopping trading on Monday, extending the gains of the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,000 mark near 14-month highs, following the mixed cues from Wall Street on Friday. Stocks are trading mixed across all sectors amid the lack of any major cues.
The benchmark S&P/ASX 200 Index is gaining 28.60 points or 0.41 percent to 7,058.90, after touching a high of 7,061.90 and a low of 7,023.50 earlier. The broader All Ordinaries Index is up 28.00 points or 0.39 percent to 7,293.30. Australian stocks closed slightly higher on Friday.
Among the major miners, BHP Group and Rio Tinto are edging down 0.3 percent each, while Mineral Resources is gaining more than 3 percent. Fortescue Metals and OZ Minerals are down almost 1 percent each.
Oil stocks are mixed, with Oil Search flat, while Beach energy and Santos are edging down 0.2 percent. Woodside Petroleum is gaining almost 1 percent.
The big four banks are higher. National Australia Bank and ANZ Banking are edging up 0.3 percent each, while Westpac is gaining almost 1 percent. Commonwealth Bank is edging down 0.2 percent.
Among tech stocks, Afterpay and Appen are edging down 0.4 percent each, while WiseTech Global is gaining almost 2 percent. Xero is edging up 0.3 percent.
Gold miners are mixed, with Evolution Mining and Newcrest Mining gaining more than 1 percent each, while Northern Star Resources is losing almost 1 percent and Resolute Mining is down more than 1 percent. Gold Road Resources is gaining more than 3 percent.
In the currency market, the Aussie dollar is trading at $0.772 on Monday.
On Wall Street, stock indexes turned mixed over the course of the trading day on Friday after moving to the upside early in the session. While the Dow managed to remain in positive territory, the Nasdaq and the S&P 500 slid into the red.
The major averages finished the day on opposite sides of the unchanged line. The Dow rose 123.69 points or 0.4 percent to 34,207.84, but the Nasdaq fell 64.75 points or 0.5 percent to 13,470.99 and the S&P 500 edged down 3.26 points or 0.1 percent to 4,155.86.
Meanwhile, most European stocks moved to the upside on the day. The French CAC 40 Index advanced by 0.7 percent and the German DAX Index rose by 0.4 percent, although the U.K.’s FTSE 100 Index closed just below the unchanged line.
Crude oil prices rose sharply on Friday on reports that a cyclone may disrupt production in the Gulf of Mexico. West Texas Intermediate Crude oil futures ended up $1.64 or 2.7 percent at $63.58 a barrel. WTI futures shed 2.7 percent in the week.
Market Analysis
Australian Market Modestly Higher
2021-05-24 01:24:18
