Australian Market Slightly Higher

(RTTNews) - The Australian stock market is trading slightly higher on Tuesday, extending the gains in the previous two sessions, following he broadly positive cues from European markets and lack of cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 8,350 level, with slight gains in iron ore miners and energy stocks nearly offset by weakness in gold miners and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 3.20 points or 0.04 percent to 8,364.20, after touching a day's high of 8,384.00 earlier. The broader All Ordinaries Index is up 5.50 points or 0.06 percent to 8,594.30. Australian stocks closed slightly positive on Monday.

Among the major miners, Rio Tinto and BHP Group are edging up 0.2 to 0.4 percent each, while Mineral Resources is gaining almost 3 percent and Fortescue Metals is adding almost 1 percent.

Oil stocks are mostly higher. Woodside Energy is gaining almost 1 percent, while Beach energy and Santos are edging up 0.3 to 0.5 percent each. Origin Energy is edging down 0.3 percent.

Among tech stocks, Afterpay owner Block and Xero are edging up 0.1 to 0.2 percent each, while WiseTech Global is gaining more than 2 percent. Zip is losing more than 3 percent and Appen is declining almost 3 percent.

Gold miners are mostly lower. Evolution Mining and Northern Star resources are edging down 0.1 to 0.2 percent each, while Newmont is losing almost 1 percent. Gold Road Resources is edging up 0.3 percent. Resolute Mining is flat.

Among the big four banks, Commonwealth Bank, National Australia Bank, ANZ Banking and Westpac are edging down 0.1 to 0.4 percent each.

In the currency market, the Aussie dollar is trading at $0.649 on Tuesday.

On Wall Street, the markets were closed for Memorial Day on Monday after closing broadly lower on Friday.

The major European markets moved to the upside on the day. Germany's DAX climbed 1.68 percent and France's CAC 40 gained 1.21 percent. The UK market remained shut for Bank Holiday.