Australian Market Modestly Higher

(RTTNews) - The Australian stock market is modestly higher on Tuesday, recouping some of the losses in the previous session, with the benchmark S&P/ASX 200 staying just a tad below the 7,000 mark, despite the broadly negative cues from global markets overnight, with strength in resources, energy and financial stocks as crude oil and gold prices rebounded.

The benchmark S&P/ASX 200 Index is gaining 32.30 points or 0.46 percent to 6,997.80, after touching a high of 7,006.40 earlier. The broader All Ordinaries Index is up 35.70 points or 0.50 percent to 7,229.10. Australian stocks closed sharply lower on Monday.

Among the major miners, Rio Tinto is edging up 0.4 percent, Mineral Resources is gaining almost 3 percent and Fortescue Metals is adding almost 2 percent, while OZ Minerals is edging down 0.2 percent. BHP Group is flat.

Oil stocks are mostly higher, with Santos gaining almost 3 percent, Origin Energy up almost 1 percent and Beach energy rising more than 2 percent. Woodside Energy is adding almost 2 percent after it reported a four-fold surge in first-half net profit on higher oil and gas prices and the integration of BHP's petroleum business. It also more than tripled its dividend for the first half. Among tech stocks, Appen is losing almost 2 percent and WiseTech Global is adding almost 1 percent, while Zip and Afterpay owner Block are gaining more than 1 percent each. Xero is flat.

Gold miners are mostly higher. Newcrest Mining is gaining almost 2 percent, Gold Road Resources is edging up 0.4 percent, Northern Star Resources is advancing almost 3 percent and Resolute Mining is rising almost 4 percent, while Evolution Mining is edging down 0.2 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are gaining more than 1 percent each, while Westpac is edging up 0.5 percent and National Australia Bank is adding almost 1 percent.

In the currency market, the Aussie dollar is trading at $0.691 on Tuesday.

On Wall Street, stocks saw further downside during trading on Monday following the sell-off seen last Friday. The major averages all came under pressure, ending the session at their lowest closing levels in a month.

The major averages ended the session off their lows but remained firmly negative. The Dow fell 184.41 points or 0.6 percent at 32,098.99, the Nasdaq slumped 124.04 points or 1 percent to 12,017.67 and the S&P 500 dropped 27.05 points or 0.7 percent to 4,030.61.

The major European markets also moved to the downside on the day. While the German DAX Index fell by 0.6 percent, the U.K.'s FTSE 100 Index decrease by 0.7 percent and the French CAC 40 Index dropped by 0.8 percent. Crude oil prices moved sharply higher on Monday amid indications that OPEC will decrease production if a deal with Iran to lift sanctions comes to pass. Crude oil for October delivery surged $3.95 or 4 percent to $97.01 a barrel.