Australian Market Modestly Higher

(RTTNews) - The Australian stock market is trading modestly higher on Tuesday, adding to the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to near the 8,900 level, with gains in mining and technology stocks partially offset by weakness in energy and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 20.50 points or 0.23 percent to 8,883.30, after touching a high of 8,887.00 earlier. The broader All Ordinaries Index is up 19.40 points or 0.21 percent to 9,167.90. Australian stocks closed significantly higher on Monday.

Among the major miners, BHP Group and Rio Tinto are gaining more than 2 percent each, while Fortescue and Mineral Resources are adding almost 1 percent each. Oil stocks are lower. Santos is down more than 1 percent, Woodside Energy is declining more than 2 percent, Beach energy is losing almost 3 percent and Origin Energy is edging down 0.5 percent.

Among tech stocks, Afterpay owner Block, Xero, Zip and Appen are gaining almost 1 percent each, WiseTech Global is edging down 0.1 percent.

Gold miners are mostly higher. Northern Star resources is adding more than 1 percent and Evolution Mining is gaining almost 2 percent, while Resolute Mining is edging down 0.5 percent and Newmont is losing 2.5 percent. Gold Road Resources is flat.

Among the big four banks, Commonwealth Bank is losing almost 1 percent, while ANZ Banking, Westpac and National Australia Bank are edging down 0.1 to 0.5 percent each.

In economic news, the Reserve Bank of Australia will wrap up it monetary policy later today and then announce its decision on interest rates. The RBA is expected to keep its benchmark lending rate unchanged at 3.60 percent.

In the currency market, the Aussie dollar is trading at $0.657 on Tuesday.

On Wall Street, stocks moved mostly higher during trading on Monday, adding to the gains posted during last Friday's session. The major averages all moved to the upside on the day, although buying interest was somewhat subdued.

The major averages finished the day in positive territory but off their early highs. The Nasdaq climbed 107.09 points or 0.5 percent to 22,591.15, the S&P 500 rose 17.51 points or 0.3 percent to 6,661.21 and the Dow inched up 68.78 points or 0.2 percent to 46,316.07.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index crept up by 0.2 percent, the French CAC 40 Index inched up by 0.1 percent and the German DAX Index closed just above the unchanged line.

Crude oil prices tumbled on Monday in the wake of oversupply concerns thanks to OPEC's plans for increasing output. West Texas Intermediate crude for November delivery was down $2.50 or 3.80 percent at $63.22 per barrel.