Australian Market Significantly Higher

(RTTNews) - The Australian stock market is significantly higher on Monday, extending the gains in the previous three sessions, with the benchmark S&P/ASX 200 moving to just below the 7,400 level, following the broadly positive cues from global markets on Friday, with gains across most sectors, led by technology stocks and gold miners gold prices spiked.

The benchmark S&P/ASX 200 Index is gaining 54.70 points or 0.75 percent to 7,382.80, after touching a high of 7,396.00 earlier. The broader All Ordinaries Index is up 57.50 points or 0.76 percent to 7,597.60. Australian stocks closed significantly higher on Friday.

Among the major miners, Rio Tinto and BHP Group are edging up 0.3 percent each, while Mineral Resources is advancing almost 1 percent. Fortescue Metals is losing more than 1 percent. OZ Minerals is flat.

Oil stocks are higher. Woodside Energy and Origin Energy are gaining more than 1 percent each, while Beach energy is edging up 0.3 percent and Santos is advancing almost 1 percent.

Among tech stocks, Afterpay owner Block is gaining more than 1 percent, Appen is adding almost 2 percent, Xero is advancing 5.5 percent, WiseTech Global is up more than 4 percent and Zip is surging more than 6 percent.

Gold miners are strong. Northern Star Resources and Evolution Mining are gaining almost 2 percent each, while Newcrest Mining is adding more than 2 percent, Gold Road Resources is advancing more than 3 percent and Resolute Mining is surging more than 6 percent.

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

In other news, Super Retail Group is soaring more than 9 percent after posting record first-half sales.

Shares In Tyro Payments are surging almost 8 percent after it raised its earnings guidance for the full-year 2023.

Share in Baby Bunting Group are plunging almost 12 percent after it announced a 59 percent drop in profit for the first-half.

In the currency market, the Aussie dollar is trading at $0.699 on Monday.

On Wall Street, stocks showed a significant turnaround over the course of the trading session on Friday, recovering from initial weakness to close mostly higher. The major averages climbed well off their early lows to end the day firmly positive.

The major averages showed a notable move to the upside in the final hour of trading. The Dow rose 112.64 points or 0.3 percent to 34,302.61, the Nasdaq advanced 78.05 points or 0.7 percent to 11,079.16 and the S&P 500 climbed 15.92 points or 0.4 percent to 3,999.09.

The major European markets also moved to the upside on the day. While the German DAX Index inched up by 0.2 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index climbed by 0.6 percent and 0.7 percent, respectively.

Crude oil prices rose sharply Friday on optimism for less aggressive rate hikes in the United States after inflation slowed in December. West Texas Intermediate crude oil futures for February ended higher by $1.47 or 1.9 percent at $79.86 a barrel.