Australian Market Trims Early Strong Gains In Mid-market

(RTTNews) - The Australian stock market is trimming its early gains in mid-market trading on Tuesday, reversing the losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to near the 8,700 level, with gains across most sectors led by mining, financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 115.20 points or 1.34 percent to 8,694.70, after touching a high of 8,804.00 earlier. The broader All Ordinaries Index is up 113.00 points or 1.29 percent to 8,887.90. Australian stocks ended significantly lower on Thursday prior to the holidays on Friday and Monday.

Among the major miners, BHP Group is gaining more than 3 percent, Mineral Resources is advancing more than 4 percent, Fortescue is up almost 2 percent and Rio Tinto is adding more than 2 percent.

Oil stocks are mixed. Woodside Energy is adding almost 1 percent and Origin Energy is gaining almost 2 percent, while Santos is edging down 0.1 percent and Beach energy is losing almost 1 percent.

Among tech stocks, Afterpay owner Block is gaining more than 4 percent, Xero is adding almost 4 percent and Zip is surging more than 8 percent, while WiseTech Global and Appen are advancing almost 5 percent each.

Gold miners are mostly higher. Evolution Mining is gaining more than 1 percent, Resolute Mining is up more than 2 percent and Northern Star resources is advancing more than 3 percent, while Genesis Minerals and Newmont are adding almost 3 percent each.

Among the big four banks, Commonwealth Bank, National Australia Bank and Westpac are gaining more than 2 percent each, while ANZ Banking is advancing almost 3 percent.

In the currency market, the Aussie dollar is trading at $0.692 on Tuesday.