Australian Market Notably Higher

(RTTNews) - The Australian stock market is notably higher on Monday, reversing the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving well below the 9,050.00 level, with gains in mining, financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 57.20 points or 0.63 percent to 9,076.20, after touching a high of 9,083.40 earlier. The broader All Ordinaries Index is up 56.00 points or 0.60 percent to 9,373.20. Australian stocks closed modestly lower on Friday.

Among the major miners, BHP Group and Rio Tinto are edging up 0.2 to 0.5 percent each, while Fortescue and Mineral Resources are gaining almost 1 percent each.

Oil stocks are mixed. Beach energy and Santos are edging up 0.2 percent each, while Woodside Energy and Origin Energy are edging down 0.3 percent each.

Among tech stocks, Afterpay owner Block is adding more than 2 percent, Zip is advancing more than 3 percent and Appen is gaining almost 4 percent, while WiseTech Global and Xero are edging up 0.2 to 0.5 percent each.

Gold miners are mixed. Evolution Mining is gaining almost 1 percent, while Northern Star Resources and Resolute Mining are gaining 1.5 percent each. Newmont is tumbling almost 3 percent and Genesis Minerals is losing 1.5 percent.

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

In other news, shares in Nuix are tumbling almost 14 percent after reporting that chief executive Jonathan Rubinsztein would step down at the end of the month.

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

On Wall Street, stocks moved sharply higher during trading on Friday, extending the upward move seen over the course of the previous session. With the continued advance, the major averages all reached new record closing highs.

The major averages pulled back off their best levels going into the end the day but still posted strong gains. The Dow jumped 472.51 points or 1.0 percent to 47,207.12, the Nasdaq surged 263.07 points or 1.2 percent to 23,204.87 and the S&P 500 climbed 53.25 points or 0.8 percent to 6,791.69.

The major European markets all also moved to the upside on the day. The U.K.'s FTSE 100 Index climbed by 0.7 percent and the German DAX Index inched up by 0.1 percent, although the French CAC 40 Index closed just below the unchanged line.

Crude oil prices dipped on Friday on profit taking following large gains a day earlier. West Texas Intermediate crude for December delivery slipped $0.17 or 0.3 percent to $61.62 per barrel; for the week, crude surged 7.8 percent.