Australian Market Modestly Higher In Mid-market

(RTTNews) - The Australian stock market is back in the green in mid-market trading on Tuesday, alternating across the unchanged line, reversing the losses in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving near the 8,900 level, with gains in mining and energy stocks partially offset by weakness in financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 10.70 points or 0.12 percent to 8,893.50, after hitting a low of 8,843.80 and a high of 8,914.90 earlier. The broader All Ordinaries Index is up 19.80 points or 0.22 percent to 9,203.10. Australian stocks closed significantly lower on Monday.

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

Among tech stocks, Afterpay owner Block is losing more than 1 percent, while Xero and WiseTech Global are edging down 0.2 to 0.5 percent each. Zip is edging up 0.3 percent. Appen is flat.

Gold miners are mostly higher. Northern Star resources is advancing almost 3 percent, Genesis Minerals is surging almost 6 percent and Resolute Mining is adding more than 1 percent, while Newmont and Evolution Mining are jumping more than 3 percent.

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

In other news, shares in SRG Global are skyrocketing more than 19 percent after announcing a "transformational acquisition" of Total AMS, expanding its marine infrastructure services.

Shares in Paladin Energy are surging more than 7 percent after the uranium miner ramps up production.

In the currency market, the Aussie dollar is trading at $0.650 on Tuesday.