Australian Market Sharply Extends Early Gains In Mid-market

(RTTNews) - The Australian stock market is sharply expending the early gains in mid-market trading 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 well above the 8,750 level, with gains across most sectors led by financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 103.80 points or 1.19 percent to 8,803.70, after touching a high of 8,793.80 earlier. The broader All Ordinaries Index is up 99.80 points or 1.11 percent to 9,100.50. Australian stocks closed significantly higher on Monday.

Among the major miners, BHP Group and Rio Tinto are gaining more than 1 percent each, while Fortescue is edging up 0.1 percent. Mineral Resources is edging down 0.2 percent. Oil stocks are mostly higher. Woodside Energy and Beach energy are advancing almost 2 percent each, while Santos is adding almost 1 percent. Origin Energy is edging down 0.1 percent.

Among tech stocks, Afterpay owner Block is losing more than 1 percent, while Zip is adding almost 2 percent, Xero is edging up 0.3 percent, WiseTech Global is gaining almost 2 percent and Appen is up more than 1 percent.

Gold miners are mostly higher. Evolution Mining and Northern Star resources are edging down 0.1 to 0.2 percent each. Genesis Minerals and Resolute Mining are adding almost 1 percent each, while Newmont is gaining almost 2 percent.

Among the big four banks, Commonwealth Bank is advancing almost 2 percent and ANZ Banking is adding almost 1 percent, while National Australia Bank and Westpac are gaining more than 1 percent each. In other news, shares in Goodman Group are jumping almost 9 percent after inking a A$14 billion partnership with CPP Investments to develop data centres across Europe, tapping into the booming demand for cloud and AI capabilities.

In the currency market, the Aussie dollar is trading at $0.667 on Tuesday.