Australian Market Significantly Higher

(RTTNews) - The Australian stock market is currently trading significantly higher on Monday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 moving uo to near the 7,900.00 level, following the mixed cues from Wall Street on Friday, with gains across most sectors led by mining and energy amid a spike in commodity prices.

The benchmark S&P/ASX 200 Index is gaining 50.10 points or 0.64 percent to 7,864.50, after touching a high of 7,870.50 earlier. The broader All Ordinaries Index is up 49.50 points or 0.61 percent to 8,131.80. Australian stocks closed significantly lower on Friday.

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

Among tech stocks, Afterpay owner Block and Xero are gaining almost 1 percent each, while Zip is edging up 0.4 percent. Appen is losing almost 4 percent and WiseTech Global is declining almost 1 percent.

Gold miners are mostly higher. Gold Road Resources is surging more than 5 percent, Newmont is gaining more than 2 percent, Northern Star Resources is advancing almost 3 percent, Resolute Mining is adding almost 4 percent and Evolution Mining is rising almost 5 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are edging up 0.3 to 0.5 percent each, while Westpac is gaining almost 1 percent.

In other news, shares in Nuix are skyrocketing 19 percent after the intelligence software company said a positive half-yearly performance has set the company up to exceed its revenue growth targets.

Shares in Star Entertainment is in a trading halt after the struggling gaming group confirmed it received offers from third parties following a report from The Australian Financial Review that Hard Rock Hotels and Casinos, the Florida entertainment giant, is considering taking control.

Shares in PointsBet are soaring 9 percent after the gaming company boosted its expected earnings guidance for fiscal 2024.

In the currency market, the Aussie dollar is trading at $0.670 on Monday.

On Wall Street, stocks showed a lack of direction during trading on Friday, following the modest pullback seen over the course of the previous session. The major average spent the day bouncing back and forth across the unchanged line before eventually closing narrowly mixed.

Despite the choppy trading, the Dow closed above 40,000 for the first time, rising 134.21 points or 0.3 percent to 40,003.59. The S&P 500 also crept up 6.17 points or 0.1 percent to 5,303.27, while the tech-heavy Nasdaq edged down 12.35 points or 0.1 percent at 16,685.97.

Meanwhile, the major European markets all moved to the downside on the day. While the French CAC 40 Index declined by 0.3 percent, the U.K.'s FTSE 100 Index dipped by 0.2 percent and the German DAX Index edged down by 0.1 percent.

Crude oil prices rose on Friday amid easing inflation, data showing a drop in inventories, and hopes of interest rate cuts. West Texas Intermediate Crude oil futures for June climbed to $80.06 a barrel, gaining $0.79 or more than 1 percent. WTI crude futures gained 2.3 percent in the week.