Australian Market Strongly Adds To Early Gains In Mid-market

(RTTNews) - The Australian stock market is strongly extending its early modest gains in mid-market trading on Tuesday, adding to the gains in the previous three sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,000 mark, with gains across most sectors led by iron ore miners, technology and energy stocks.

The benchmark S&P/ASX 200 Index is gaining 69.20 points or 0.87 percent to the day's high of 8,066.30. The broader All Ordinaries Index is up 75.00 points or 0.91 percent to 8,278.90. Australian stocks closed modestly higher on Monday.

Among the major miners, BHP Group and Rio Tinto are gaining more than 1 percent each, while Fortescue Metals is adding more than 3 percent and Mineral Resources is skyrocketing more than 14 percent after it said it is ramping up production from its new Onslow iron ore mine, which will be considerably lower cost than exiting smaller operations.

Oil stocks are mostly higher. Origin Energy and Santos are gaining almost 2 percent each, while Beach energy is surging almost 6 percent and Woodside Energy is up almost 1 percent.

Among tech stocks, Afterpay owner Block is gaining more than 2 percent, Xero is adding almost 2 percent, Appen is advancing 3.5 percent, Zip is rising almost 3 percent and WiseTech Global is up more than 1 percent.

Gold miners are mostly lower. Evolution Mining is losing more than 1 percent, Northern Star resources is tumbling almost 6 percent and Newmont is edging down 0.3 percent, while Resolute Mining is edging up 0.4 percent. Gold Road Resources is flat.

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

In the currency market, the Aussie dollar is trading at $0.643 on Tuesday.