Australian Market Significantly Higher

(RTTNews) - The Australian stock market is significantly higher on Wednesday, extending the gains in the previous three sessions, with the benchmark S&P/ASX 200 moving above the 7,000 mark, following the broadly positive cues from global markets overnight, led by strong gains in mining stocks amid the spike in metal prices. Energy stocks are also higher despite lower crude oil prices.

The benchmark S&P/ASX 200 Index is gaining 47.70 points or 0.69 percent to 7,006.60, after touching a high of 7,010.70 earlier. The broader All Ordinaries Index is up 43.40 points or 0.61 percent to 7,193.50. Australian stocks ended modestly higher on Tuesday.

Among major miners, OZ Minerals, Fortescue Metals and Rio Tinto are gaining more than 2 percent each, while BHP Group is advancing almost 2 percent and Mineral Resources is surging more than 4 percent.

Oil stocks are higher. Beach energy is gaining more than 3 percent and Santos is up more than 1 percent, while Woodside Energy and Origin Energy are adding almost 1 percent each.

In the tech space, Afterpay owner Block is losing almost 1 percent and WiseTech Global is slipping more than 2 percent, while Appen and Xero are declining more than 1 percent each. Zip is edging up 0.3 percent.

Among the big four banks, National Australia Bank is losing more than 2 percent, while ANZ Banking and Commonwealth Bank are edging up 0.1 to 0.5 percent each. Westpac is flat.

Among gold miners, Northern Star Resources and Newcrest Mining are surging more than 6 percent each, while Evolution Mining is advancing almost 7 percent, Gold Road Resources is adding almost 9 percent and Resolute Mining is soaring more than 9 percent.

In economic news, the total number of building permits issued in Australia was down a seasonally adjusted 5.8 percent on month in September, the Australian Bureau of Statistics said on Wednesday, coming in at 16,455. On a yearly basis, approvals were down 13.0 percent after slipping 9.4 percent in August. The seasonaally adjusted estimate for the value of total building approved fell 6.9 percent in September, following a 19.5 percent increase in August.

In other news, shares in Whitehaven Coal are surging 8 percent after it slashed output guidance due to New South Wales floods.

In the currency market, the Aussie dollar is trading at $0.650 on Wednesday.

On Wall Street, stocks showed a strong move to the upside in morning trading on Tuesday before pulling back sharply in the early afternoon. The major averages once again benefited from late-day strength, however, closing firmly in positive territory.

The Dow jumped 333.83 points or 1.0 percent to 33,160.83, ending the session at its best closing level in well over two months. The Nasdaq also climbed 51.68 points or 0.5 percent to 10,616.20, while the S&P 500 advanced 21.31 points or 0.6 percent to 3,828.11.

The major European markets all also moved to the upside on the day. While the German DAX Index jumped by 1.2 percent, the French CAC 40 Index rose by 0.4 percent and the U.K.'s FTSE 100 Index inched up by 0.1 percent.

Crude oil prices drifted lower on Tuesday as reports showing a surge in COVID-19 cases in China raised concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for December ended lower by $2.88 or 3.1 percent at $88.91 a barrel.