Australian Market Modestly Higher

(RTTNews) - The Australian stock market is modestly higher on Monday, extending the losses in the previous two sessions, following the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving above the 8,550.00 level, with gains across most sectors led by energy stocks as crude oil prices continue to soar amid the escalating geopolitical risks in the Middle East.

The benchmark S&P/ASX 200 Index is gaining 16.40 points or 0.19 percent to 8,563.80, after touching a high of 8,579.10 earlier. The broader All Ordinaries Index is up 17.10 points or 0.20 percent to 8,787.70. Australian stocks closed modestly lower on Friday.

Among the major miners, BHP Group and Fortescue Metals are edging up 0.3 to 0.5 percent each, while Rio Tinto is gaining more than 1 percent. Mineral Resources is flat.

Oil stocks are mostly higher. Origin Energy is up almost 1 percent, Beach energy is advancing more than 5 percent and Woodside Energy is surging almost 6 percent.

Santos is soaring almost 12 percent after a consortium led by Abu Dhabi's state-owned oil company Adnoc agreed to buy it in a A$30 billion deal.

Among tech stocks, Afterpay owner Block, Xero and Zip are edging up 0.1 to 0.2 percent each, while WiseTech Global and Appen are losing almost 1 percent each.

Gold miners are mixed. Evolution Mining is losing almost 2 percent and Northern Star Resources is down almost 1 percent, while Newmont is gaining almost 2 percent, Gold Road Resources is edging up 0.2 percent and Resolute Mining is surging almost 9 percent.

Among the big four banks, Commonwealth Bank, National Australia Bank and ANZ Banking are edging down 0.1 to 0.5 percent each.

In other news, shares in Tourism Holdings are skyrocketing more than 50 percent after the commercial recreational vehicle rental operator received a conditional takeover proposal from a consortium led by private equity firm BGH Capital and the family interests of Luke and Karl Trouchet. BGH Capital has already acquired a 19.99% interest in the company.

In the currency market, the Aussie dollar is trading at $0.649 on Monday.

On Wall Street, stocks pulled back sharply during trading on Friday after moving modestly higher over the course of the previous session. The major averages all moved significantly lower, with the Dow and the S&P 500 pulling back well off yesterday's three-month closing highs.

The major averages staged a recovery attempt in late morning trading after an early slump but moved back to the downside as the day progressed. The Dow plummeted 769.83 points or 1.8 percent to 42,197.79, the Nasdaq plunged 255.66 points or 1.3 percent to 19,406.83 and the S&P 500 tumbled 68.29 points or 1.1 percent to 5,976.97.

The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index decreased by 0.4 percent, the French CAC 40 Index and the German DAX Index slumped by 1.0 percent and 1.1 percent, respectively.

Crude oil prices jumped sharply on Friday due to fears of supply disruptions after Israel conducted airstrikes against Iran. Iran has vowed to retaliate heavily. WTI oil for July delivery shot up $4.94 to settle at $72.98 per barrel. This is the highest price for oil since February 11th. August Brent crude was last seen up by $4.72 at $74.08.