Australian Market Slightly Higher

(RTTNews) - Adding to the gains in the previous session, the Australian stock market is slightly higher on Tuesday, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 7,600 level, with gains in iron ore miners partially offset by weakness in energy stocks. Other sectors were mixed.

The benchmark S&P/ASX 200 Index is gaining 6.20 points or 0.08 percent to 7,643.60, after touching a high of 7,651.50 earlier. The broader All Ordinaries Index is up 7.10 points or 0.09 percent to 7,913.70. Australian stocks closed significantly higher on Monday.

Among the major miners, Rio Tinto is edging up 0.2 percent and BHP Group is advancing almost 1 percent, while Mineral Resources and Fortescue Metals are adding almost 2 percent each.

Oil stocks are mostly lower. Santos is losing almost 1 percent and Beach energy is declining almost 2 percent, while Woodside Energy and Origin Energy are edging down 0.1 percent each.

Among tech stocks, Afterpay owner Block and WiseTech Global are edging down 0.2 to 0.5 percent each, while Zip and Xero are edging up 0.1 to 0.4 percent each. Appen is losing almost 2 percent.

Gold miners are mixed. Evolution Mining and Newmont are edging down 0.4 percent each, while Gold Road Resources is edging up 0.2 percent and Northern Star resources is gaining almost 1 percent. Resolute Mining is flat.

Among the big four banks, National Australia Bank, ANZ Banking and Westpac are edging up 0.1 to 2 percent each. Commonwealth Bank is flat.

In the currency market, the Aussie dollar is trading at $0.56 on Tuesday.

On Wall Street, stocks managed to see further upside during trading on Monday following the strong upward move seen last week. The major averages fluctuated over the course of the session but ended the day in positive territory.

The Dow rose 146.43 points or 0.4 percent to38389.09, the Nasdaq climbed 55.18 points or 0.4 percent to 15983.08 and the S&P 500 advanced 16.21 points or 0.3 percent to 5,116.17.

Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index inched up by 0.1 percent, the German DAX Index dipped by 0.2 percent and the French CAC 40 Index fell by 0.3 0.2 percent.

Crude oil prices settled lower on Monday amid worries about growth and outlook for oil demand and the rising possibility of the Federal Reserve delaying interest rate cuts. West Texas Intermediate Crude oil futures for June ended down by $1.22 or 1.45 percent at $82.63 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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