Australian Market Significantly Higher

(RTTNews) - The Australian stock market is trading significantly higher on Tuesday, reversing the losses in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving a tad above the 7,900 level, with gains across most sectors led by mining and energy stocks.

The benchmark S&P/ASX 200 Index is gaining 57.30 points or 0.73 percent to 7,900.70, after touching a high of 7,919.70 earlier. The broader All Ordinaries Index is up 52.40 points or 0.65 percent to 8,105.60. Australian stocks closed sharply lower on Monday.

Among the major miners, BHP Group is gaining 1.5 percent, Mineral Resources is adding more than 2 percent, Rio Tinto is up almost 1 percent and Fortescue Metals is advancing almost 2 percent.

Oil stocks are mostly higher. Origin Energy is adding almost 2 percent and Beach energy is up almost 1 percent, while Woodside Energy and Santos are gaining more than 1 percent each.

Among tech stocks, Afterpay owner Block and WiseTech Global are edging up 0.2 to 0.3 percent each, while Xero and Zip are edging down 0.2 to 0.5 percent each. Appen is losing almost 2 percent.

Gold miners are mostly higher. Evolution Mining is gaining almost 3 percent and Northern Star resources is up more than 1 percent, while Resolute Mining, Gold Road Resources and Newmont are edging up 0.4 to 0.5 percent each.

Among the big four banks, Commonwealth Bank, National Australia Bank and Westpac are edging up 0.1 to 0.3 percent each, while ANZ Banking is gaining almost 1 percent.

In other news, shares in AVJennings are surging more than 8 percent after the homebuilder announced US real estate giant Proprium Capital and its local development arm, Avid Property, would acquire 100 percent in its shares.

In economic news, the Reserve Bank of Australia will wrap up its monetary policy meeting and then announce its decision on interest rates. The RBA is widely expected to keep its benchmark lending rate steady at 4.10 percent.

The manufacturing sector in Australia continued to expand in March, and at a faster pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 52.1. That's up from 50.4 in February and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the Aussie dollar is trading at $0.624 on Tuesday.

On Wall Street, stocks showed a significant rebound over the course of the trading day on Monday after moving sharply lower early in the session. The major averages climbed well off their worst levels of the day to close mixed.

The Dow jumped 417.86 points or 1 percent to 42,001.76 and the S&P 500 climbed 30.91 points or 0.6 percent to 5,611.85, while the Nasdaq bounced well off its lows but still ended the day down 23.70 points or 0.1 percent at 17,299.29.

Meanwhile, the major European markets showed significant moves to the downside. While the U.K.'s FTSE 100 Index is down by 1.0 percent, the German DAX Index and the French CAC 40 Index are down by 1.6 percent.

Crude oil prices ticked higher on Monday on concerns that supply may not be able to keep up with demand. West Texas Intermediate for May delivery was up $0.17 or 0.25 percent to $69.53 per barrel.