Australian Market Significantly Higher

(RTTNews) - The Australian stock market is significantly higher on Monday, extending the gains in the previous five sessions, with the benchmark S&P/ASX 200 moving above the 7,200 level, following the broadly positive cues from global markets on Friday, with gains in energy stocks amid a spike in crude oil prices. Technology and financial stocks were also up.

Easing worries about a banking crisis, and data showing an unexpected slowdown in the annual rate of core consumer price growth in the U.S. also lifted market sentiment.

The benchmark S&P/ASX 200 Index is gaining 59.40 points or 0.83 percent to 7,237.20, after touching a high of 7,241.00 earlier. The broader All Ordinaries Index is up 57.90 points or 0.79 percent to 7,431.20. Australian stocks closed significantly higher on Friday.

Among the major miners, Rio Tinto and BHP Group is edging up 0.2 to 0.3 percent each, while Mineral Resources is losing more than 1 percent and Fortescue Metals is down almost 1 percent. OZ Minerals is flat.

Oil stocks are mostly higher. Woodside Energy is surging almost 5 percent, Santos is gaining more than 4 percent and Beach energy is advancing more than 5 percent, while Origin Energy is edging down 0.5 percent.

Among tech stocks, WiseTech Global and Xero are gaining more than 2 percent each, while Appen is adding more than 1 percent and Zip is advancing almost 4 percent. Afterpay owner Block is losing almost 1 percent.

Gold miners are mostly lower. Gold Road Resources is losing 1.5 percent, while Evolution Mining, Northern Star Resources and Newcrest Mining are down almost 1 percent each. Resolute Mining is edging up 0.5 percent.

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

In economic news, the manufacturing sector in Australia slipped into contraction territory in March, the latest survey from Judo Bank revealed on Monday with a manufacturing PMI core of 49.1. That's down from 50.5 in February, and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.

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

On Wall Street, stocks moved sharply higher over the course of the trading session on Friday, adding to the gains posted on Wednesday and Thursday. The tech-heavy Nasdaq showed a particularly strong upward move, reaching a six-month closing high.

The major averages saw further upside going into the close of trading, reaching new highs for the session. The Nasdaq surged 208.44 points or 1.7 percent to 12,221.91, the S&P 500 shot up 58.48 points or 1.4 percent to 4,109.31 and the Dow jumped 415.12 points or 1.3 percent at 33,274.15.

The major European markets also moved to the upside on the day. While the French CAC 40 Index advanced by 0.8 percent, the German DAX Index climbed by 0.7 percent and the U.K.'s FTSE 100 Index edged up by 0.2 percent.

Crude oil prices climbed higher Friday on falling supplies and optimism about the outlook for energy demand. West Texas Intermediate Crude oil futures for May ended higher by $1.30 or 1.8 percent at $75.67 a barrel. WTI crude futures gained 9.2 percent in the week but dropped 1.8 percent in March and 6 percent in the first quarter.