Australian Market Notably Higher

(RTTNews) - Australian shares are trading notably higher on Wednesday, recouping some of the losses in the previous two sessions, with the benchmark S&P/ASX 200 moving above the 7,600 level, following the broadly positive cues from global markets overnight, with gains across most sectors led by a rebound in mining and energy stocks amid spiking commodity prices.

Though the Reserve Bank of Australia held rates steady as widely expected, it warned that a further interest rate hike is possible due to persistently high inflation.

The benchmark S&P/ASX 200 Index is gaining 47.90 points or 0.63 percent to 7,629.50, after touching a high of 7,639.20 earlier. The broader All Ordinaries Index is up 52.90 points or 0.68 percent to 7,861.80. Australian stocks ended notably lower on Tuesday.

Among major miners, Mineral Resources is gaining almost 4 percent, while Fortescue Metals, BHP Group and Rio Tinto are adding more than 1 percent each.

Oil stocks are mostly higher. Santos and Woodside Energy are gaining almost 1 percent each, while Origin Energy is adding almost 2 percent and Beach energy is advancing 1.5 percent. In the tech space, Afterpay owner Block is gaining more than 1 percent and Appen is advancing more than 7 percent and Zip is soaring 11.5 percent, while Xero is losing almost 1 percent. WiseTech Global is flat.

Among the big four banks, ANZ Banking and Westpac are edging up 0.3 percent each, while Commonwealth Bank is gaining almost 1 percent. National Australia Bank is losing almost 1 percent.

Among gold miners, Newmont, Northern Star Resources and Gold Road Resources are edging up 0.2 to 0.4 percent each, while Resolute Mining is gaining almost 3 percent and Evolution Mining is adding more than 1 percent.

Shares in Pilbara Minerals are surging more than 5 percent after the lithium producer revised a spodumene-concentrate supply deal with Chinese lithium chemicals producer Chengxin Lithium Group.

In the currency market, the Aussie dollar is trading at $0.653 on Wednesday.

On the Wall Street, stocks showed a lack of direction throughout the trading day on Tuesday following the significant volatility seen over the past few sessions. The major averages spent the day bouncing back and forth across the unchanged line before eventually closing modestly higher.

The Dow climbed 141.24 points or 0.4 percent to 38,521.36, the S&P 500 rose 11.42 points or 0.2 percent to 4,954.23 and the Nasdaq inched up 11.32 points or 0.1 percent to 15,609.00.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index advanced by 0.9 percent, the German DAX Index and the French CAC 40 Index climbed by 0.8 percent and 0.7 percent, respectively.

Crude oil prices climbed higher on Tuesday, extending gains from the previous session after the Energy Information Administration's said oil inventories may drop by 0.8 million barrels per day in the current quarter. West Texas Intermediate Crude oil futures for March ended higher by $0.53 or 0.73 percent at $73.31 a barrel.