Australian Market Modestly Higher

(RTTNews) - The Australian stock market is trading modestly higher on Monday, reversing some of the losses in the previous four sessions, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving up to well above the 7,950.00 level, with gains across most sectors led by iron ore miners and energy stocks.

The benchmark S&P/ASX 200 Index is gaining 18.50 points or 0.23 percent to 7,966.70, after touching a high of 7,978.60 earlier. The broader All Ordinaries Index is up 16.40 points or 0.20 percent to 8,194.90. Australian stocks closed sharply lower on Friday.

Among the major miners, BHP Group and are gaining almost 1 percent, Rio Tinto is advancing almost 2 percent and Mineral Resources is adding almost 3 percent, while Fortescue Metals is losing more than 2 percent. Oil stocks are mostly higher. Woodside Energy is gaining almost 2 percent and Santos is edging up 0.5 percent and Beach energy is adding more than 1 percent, while Origin Energy is edging down 0.3 percent.

Among tech stocks, Afterpay owner Block is edging down 0.3 percent and Appen is losing almost 1 percent, while Xero is edging up 0.3 percent and Zip is adding almost 2 percent. WiseTech Global is flat.

Gold miners are mixed. Evolution Mining is edging down 0.5 percent and Resolute Mining is losing more than 1 percent, while Gold Road Resources and Newmont are adding almost 1 percent each. Northern Star Resources is flat.

Among the big four banks, Commonwealth Bank and ANZ Banking are edging up 0.3 percent each, while National Australia Bank and Westpac are edging down 0.1 percent each.

In the currency market, the Aussie dollar is trading at $0.631 on Monday.

On Wall Street, stocks saw significant volatility over the course of the trading session on Friday, as the major averages swung back and forth across the unchanged line before eventually closing firmly positive. The major averages came under pressure after initially showing a lack of direction, with the Nasdaq and the S&P 500 hitting five-month intraday lows before rebounding in afternoon trading.

The major averages held onto their gains going into the close of trading. The Nasdaq advanced 126.97 points or 0.7 percent to 18,196.22, the S&P 500 climbed 31.68 points or 0.6 percent to 5,770.20 and the Dow rose 222.64 points or 0.5 percent to 42,801.72.

Meanwhile, the major European markets moved to the downside on the day. While German DAX Index slumped 1.8 percent, the French CAC 40 Index slid by 0.9 percent and the U.K.'s FTSE 100 Index closed just below the unchanged line. Crude oil prices faded after an early surge but still remained notably higher on Friday, adding to the modest gain posted in the previous session. West Texas Intermediate for April delivery climbed $0.68 cents or 1.0 percent to $67.04 a barrel.