Australian Market Significantly Higher

(RTTNews) - The Australian stock market is currently trading significantly higher on Monday, adding to the gains in the previous two sessions, following the broadly positive cues from global markets on Friday. The benchmark S&P/ASX 200 index is moving above the 8,000.00 mark to all-time highs, with gains across most sectors led by financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 71.00 points or 0.89 percent to 8,030.30, after touching an all-time high of 8,037.30 earlier. The broader All Ordinaries Index is up 67.70 points or 0.83 percent to 8,273.80. Australian stocks closed significantly higher on Friday.

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

Among tech stocks, Appen and WiseTech Global are gaining almost 1 percent each, while Afterpay owner Block is advancing 3.5 percent and Xero is adding more than 1 percent, while Zip is losing more than 5 percent.

Gold miners are mostly lower. Newmont, Gold Road Resources and Northern Star Resources are edging up 0.3 to 0.4 percent each, while Evolution Mining is edging down 0.4 percent and Resolute Mining is gaining almost 2 percent.

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

In other news, shares in Lifestyle Communities are tumbling nearly 10 percent amid a news report from the Australian Broadcasting Corp. that featured residents accusing the land lease company of immoral and unethical conduct.

Shares in Aussie Broadband are plunging almost 17 percent after the telco lowered its earnings guidance for financial year 2025.

In the currency market, the Aussie dollar is trading at $0.676 on Monday.

On Wall Street, stock moved back to the upside during trading on Friday, following the substantial downturn seen over the course of the previous session. With the upward move on the day, the Dow and the S&P 500 reached new record intraday highs.

The major averages gave back ground going into the close but remained firmly positive. The Dow advanced 247.15 points or 0.6 percent to 40,000.90, the Nasdaq climbed 115.04 points or 0.6 percent to 18,398.45 and the S&P 500 rose 30.81 points or 0.6 percent to 5,615.35.

The major European markets all also moved to the upside on the day. While the French CAC 40 Index shot up by 1.3 percent, the German DAX Index jumped by 1.1 and the U.K.'s FTSE 100 Index rose by 0.4 percent.

Crude oil prices settled lower on Friday, weighed down by data showing a bigger than expected increase in U.S. producer prices in June. West Texas Intermediate Crude oil futures for August ended down by $0.41 at $82.21 a barrel.