Australian Market Modestly Higher

(RTTNews) - The Australian stock market is modestly higher on Wednesday, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,100 level, following the broadly positive cues from global markets overnight, with gains across most sectors, led by miners and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 23.50 points or 0.33 percent to 7,162.40, after touching a high of 7,167.60 earlier. The broader All Ordinaries Index is up 27.20 points or 0.37 percent to 7,356.30. Australian stocks ended modestly higher on Tuesday.

Among major miners, Fortescue Metals is gaining 2.5 percent and BHP Group is up almost 3 percent, while Mineral Resources and Rio Tinto are adding more than 3 percent each.

Oil stocks are mostly higher. Woodside Energy, Santos and Beach energy are gaining almost 1 percent each, while Origin Energy is edging down 0.1 percent.

In the tech space, Afterpay owner Block is gaining almost 1 percent, while Appen is losing more than 3 percent, WiseTech Global is down almost 1 percent and Xero is slipping 1.5 percent. Zip is flat.

Among the big four banks, Westpac and National Australia Bank are gaining more than 1 percent each, while ANZ Banking and Commonwealth Bank are adding almost 1 percent each.

Among gold miners, Gold Road Resources and Northern Star Resources are losing more than 1 percent each, while Evolution Mining, Newcrest Mining and Resolute Mining are gaining almost 1 percent each.

In other news, shares in CSL are plunging more than 7 percent after the biotech firm slashed its statutory profit outlook for the full-year 2023, hurt by foreign exchange translation rates.

In the currency market, the Aussie dollar is trading at $0.678 on Wednesday.

On Wall Street, stocks moved mostly higher during trading on Tuesday, extending the upward move seen over the course of Monday's session. With the continued advance, the Nasdaq and the S&P 500 once again reached their best closing levels in over a year, while the Dow set a four-month closing high.

The major averages finished the day off their highs of the session but still firmly positive. The Nasdaq advanced 111.40 points or 0.8 percent to 13,573.32, the S&P 500 climbed 30.08 points or 0.7 percent to 4,369.01 and the Dow rose 145.79 points or 0.4 percent to 34,212.12.

The major European markets also moved to the upside on the day. While the German DAX Index advanced by 0.8 percent, the French CAC 40 Index increased by 0.6 percent and the U.K.'s FTSE 100 Index rose by 0.3 percent.

Crude oil prices rose sharply on Tuesday after the People's Bank of China announced a surprise rate cut, and the dollar weakened after data showing a slowdown in U.S. inflation raised expectations the Fed will pause rate increases. West Texas Intermediate Crude oil futures for July ended higher by $2.30 or 3.4 percent at $69.42 a barrel.