(RTTNews) - The Australian stock market is trading sharply higher on first trading day of the year on Tuesday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 below the 7,600 level, following the broadly positive cues from Wall Street overnight, with financial, energy and materials stocks driving the market.
Meanwhile, traders remain concerned over the rising domestic Covid-19 cases. New South Wales continues to hit new daily records of 23,131 new cases and two deaths on Monday. Victoria reported a new daily record of 14,020 new cases and two deaths. Queensland recorded 5,699 new cases.
The benchmark S&P/ASX 200 Index is gaining 114.20 points or 1.53 percent to 7,558.80, after touching a high of 7,560.20 earlier. The broader All Ordinaries Index is up 115.40 points or 1.48 percent to 7,894.60. Australian stocks closed significantly lower on Friday.
Among the major miners, OZ Minerals is gaining almost 2 percent and Mineral Resources is adding almost 4 percent, while BHP Group and Fortescue Metals are gaining more than 2 percent each. Rio Tinto is flat.
Oil stocks are mostly higher. Woodside Petroleum is gaining 2.5 percent, Santos is adding almost 4 percent and Beach energy is advancing almost 2 percent, while Origin Energy is losing almost 1 percent.
Among the big four banks, National Australia Bank, Westpac and ANZ Banking are gaining more than 1 percent each, while Commonwealth Bank is adding almost 1 percent.
Among tech stocks, Appen is losing almost 2 percent and Zip is declining more than 2 percent, while WiseTech Global and Xero are adding 1.6 percent each. Afterpay is gaining almost 1 percent.
Gold miners are mostly lower. Resolute Mining is losing more than 2 percent, Gold Road Resources is down almost 1 percent and Northern Star Resources is edging down 0.5 percent, while Evolution Mining is edging up 0.5 percent. Newcrest Mining is flat.
In the currency market, the Aussie dollar is trading at $0.721 on Tuesday.
On Wall Street, stocks moved higher on Monday, the first trading session of the new year, amid optimism the economy will stay on the recovery track despite the surge in coronavirus cases in several parts of the globe.
The major averages all ended with solid gains. The Dow climbed 246.76 points or 0.68 percent to 36,585.06, a record closing high. The S&P 500, which also posted a fresh closing high, settling at 4,796.56, gained 30.38 points or 0.64 percent, while the Nasdaq moved up 187.83 points or 1.2 percent to 15,832.80.
The major European markets also moved to the upside on the day. Germany's DAX advanced 0.86 percent to close at a six-week high and France's CAC surged up 0.9 percent, settling at a fresh record high. Markets in the U.K. were closed for New Year holiday.
Crude oil prices climbed higher on Monday on reports that Libya, one of OPEC's more important oil drillers, will likely lose about 200,000 barrels daily in output over the next week because of a damaged pipeline. West Texas Intermediate Crude oil futures for February ended up by $0.87 or 1.2 percent at $76.08 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.
