Australian Market Sharply Higher | Nasdaq
The benchmark S&P/ASX 200 Index is gaining 81.20 points or 1.12 percent to 7,359.70, after touching a high of 7,369.50 earlier. The broader All Ordinaries Index is up 78.40 points or 1.04 percent to 7,637.30. Australian stocks closed slightly lower on Monday.
Among the major miners, BHP Group is gaining 4.5 percent, Fortescue Metals is adding almost 2 percent, OZ Minerals is up almost 1 percent, Rio Tinto is advancing almosy 3 percent and Mineral Resources is advancing more than 2 percent.
Oil stocks are higher, with Beach energy gaining almost 4 percent, Woodside Petroleum adding almost 3 percent, Santos up more than 2 percent and Origin Energy advancing almost 2 percent.
Among tech stocks, Block and Zip are declining more than 3 percent each, while Xero is slipping almost 3 percent, Appen is losing almsot 2 percent and WiseTech Global is down more than 1 percent.
Gold miners are higher. Evolution Mining is gaining more than 1 percent, Newcrest Mining is adding almost 2 percent, Resolute Mining is advancing more than 2 percent and Northern Star Resources is up almost 3 percent. Gold Road Resources is flat.
Among the big four banks, National Australia Bank, ANZ Banking, Westpac and Commonwealth Bank is gaining more than 1 percent each.
In the currency market, the Aussie dollar is trading at $0.738 on Tuesday.
On Wall Street, stocks fluctuated over the course of the trading day on Monday but largely maintained a negative bias throughout the session. The major averages gave back ground following the strong upward move seen on Wall Street last week.
The major averages ended the session in negative territory but off their worst levels of the day. The Dow slid 201.94 points or 0.6 percent to 34,552.99, the Nasdaq fell 55.38 points or 0.4 percent to 13,838.46 and the S&P 500 edged down 1.94 points or less than a tenth of a percent to 4,61.18.
Meanwhile, the major European markets turned mixed on the day. While the U.K.’s FTSE 100 Index rose by 0.5 percent, the German DAX Index and the French CAC 40 Index both fell by 0.6 percent.
Crude oil prices hit a two-week high on Monday amid concerns over the ongoing invasion of Ukraine and on expectations the EU might impose a ban on Russian oil. West Texas Intermediate Crude oil futures for April ended higher by $7.42 or 7.1 percent at $112.12 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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