Australian Market Modestly Higher

(RTTNews) - The Australian stock market modestly higher on Tuesday after being in the red at open, extending the gains in the previous fourth sessions, with the benchmark S&P/ASX 200 moving to just below the 7,400 level at nine-month highs, following the positive cues from European markets overnight, after domestic data showed consumer sentiment growing for a second straight month in January.

According to the Westpac-Melbourne Institute index, consumer sentiment improved by 5 percent in January, the biggest monthly gain since April 2021.

The benchmark S&P/ASX 200 Index is gaining 7.90 points or 0.11 percent to 7,396.10, after touching a high of 7,399.50 and a low of 7,364.20 earlier. The broader All Ordinaries Index is up 3.00 points or 0.04 percent to 7,608.00. Australian stocks closed significantly higher on Monday.

Among the major miners, Rio Tinto and BHP Group are losing 1.5 percent each, while Mineral Resources is slipping almost 2 percent and Fortescue Metals is declining almost 3 percent. OZ Minerals is edging up 0.1 percent.

Oil stocks are mostly weak. Origin Energy is declining 3.5 percent and Beach energy is losing more than 1 percent. Woodside Energy and Santos are flat. Among tech stocks, Zip is surging more than 8 percent, while Appen is declining more than 2 percent and Xero is slipping more than 1 percent. Afterpay owner Block and WiseTech Global are edging down 0.2 percent each.

Gold miners are mostly lower. Resolute Mining is plunging more than 6 percent, Northern Star Resources is losing more than 1 percent and Gold Road Resources is declining more than 3 percent, while Newcrest Mining and Evolution Mining are edging up 0.2 to 0.4 percent each.

Among the big four banks, Commonwealth Bank, ANZ Banking, Westpac and National Australia Bank are all edging up 0.4 to 0.6 percent each.

In other news, shares in JB Hi-Fi are gaining more than 3 percent after the electronics retailer reported Record half-year earnings and sales. Net profit increased more than 14 percent for the six months to December 31.

In the currency market, the Aussie dollar is trading at $0.697 on Tuesday.

The Wall Street was closed on account of Martin Luther King Jr. day holiday on Monday. The shares closed notably higher on Friday.

The major European markets moved to the upside on the day. The U.K.'s FTSE 100 advanced 0.2 percent, Germany's DAX surged 0.31 percent and France's CAC 40 climbed 0.28 percent.