The Australian stock market is significantly higher on Tuesday, recouping some of the losses in the previous four sessions, with the benchmark S&P/ASX 200 staying above the 7,000 mark, following the broadly positive cues from Wall Street overnight, with gains across most sectors, led by gold miners and technology stocks, after data showed domestic consumer confidence improving marginally in July.
The benchmark S&P/ASX 200 Index is gaining 71.30 points or 1.02 percent to 7,075.30, after touching a high of 7,077.80 earlier. The broader All Ordinaries Index is up 73.10 points or 1.01 percent to 7,280.00. Australian stocks closed notably lower on Monday.
Among the major miners, Rio Tinto, BHP Group and Fortescue Metals are adding almost 1 percent each, while Mineral Resources is gaining 1.5 percent.
Oil stocks are higher. Woodside Energy is gaining more than 1 percent and Beach energy is adding more than 2 percent, while Santos is edging up 0.5 percent and Origin Energy is flat.
Among tech stocks, Afterpay owner Block is advancing more than 4 percent and Xero is edging up 0.5 percent, while Appen, Zip and WiseTech Global are gaining more than 1 percent each.
Gold miners are mostly higher. Gold Road Resources is gaining more than 2 percent, Resolute Mining is edging up 0.5 percent, Northern Star resources is adding almost 2 percent, Evolution Mining is advancing almost 3 percent and Newcrest Mining is up more than 1 percent.
Among the big four banks, Commonwealth Bank is edging up 0.5 percent, Westpac is adding almost 1 percent, ANZ Banking is gaining almost 2 percent and National Australia Bank is up more than 1 percent.
In the currency market, the Aussie dollar is trading at $0.669 on Tuesday.
On the Wall Street, stocks ended higher on Monday with the Dow outperforming the other major averages in a somewhat lackluster session. While the Dow stayed positive right through the day’s session, the S&P 500 fell into the red around noon before recovering to move higher, and the Nasdaq spent much of the session in negative territory.
The Dow closed with a gain of 209.52 points or 0.62 percent at 33,944.40. The S&P 500 closed higher by 10.58 points or 0.24 percent at 4,409.53, while the Nasdaq climbed 24.77 points or 0.18 percent to settle at 13,685.48.
The major European markets also moved to the upside on the day, led by gains in energy stocks. While U.K.’s FTSE 100 advanced 0.23 percent, the French CAC 40 Index and Germany’s DAX both climbed 0.45 percent.
Crude oil futures fell on Monday as concerns about outlook for energy demand outweighed recent data showing a jump in inventories. West Texas Intermediate Crude oil futures for August ended lower by $0.87 or about 1.2 percent at $72.99 a barrel.
Market Analysis
Australian Market Significantly Higher
2023-07-11 01:35:25
