Australian Market Adds Sharply To Early Gains In Mid-market

(RTTNews) - The Australian stock market is sharply extending its early gains in mid-market trading on Tuesday, snapping a three-session losing streak, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 7,400 level, with gains across all sectors led by gold miners and technology stocks as some traders picked stocks at a bargain after the recent slump.

The benchmark S&P/ASX 200 Index is gaining 106.70 points or 1.45 percent to 7,450.00, after touching a high of 7,481.80 earlier. The broader All Ordinaries Index is up 123.30 points or 1.64 percent to 7,647.60. Australian stocks closed sharply lower on Monday.

Among the major miners, BHP Group is gaining more than 2 percent, Fortescue Metals is advancing almost 4 percent, Rio Tinto is adding 1.5 percent and Mineral Resources is up more than 1 percent.

Oil stocks are mostly higher. Beach energy is adding almost 3 percent, Santos is surging almost 6 percent and Woodside Energy is gaining more than 2 percent, while Origin Energy is edging down 0.2 percent.

Among tech stocks, Afterpay owner Block is skyrocketing almost 11 percent, Zip is soaring almost 9 percent, Appen is surging almost 10 percent, Xero is gaining almost 4 percent and WiseTech Global is adding almost 5 percent.

Gold miners are mostly higher. Evolution Mining and Gold Road Resources are gaining more than 3 percent each, while Northern Star resources and Newmont are adding almost 3 percent each. Resolute Mining is advancing almost 2 percent.

Among the big four banks, Commonwealth Bank is gaining almost 2 percent, while Westpac, ANZ Banking and National Australia Bank are edging up 0.1 to 0.2 percent each.

In the currency market, the Aussie dollar is trading at $0.603 on Tuesday.