The Australian stock market is trending significantly higher on Monday, building on the gains from the previous session, driven by broadly positive global market cues on Friday. The benchmark S&P/ASX 200 index has surpassed the 7,800 mark, with gains spread across most sectors, particularly technology and financial stocks.
The S&P/ASX 200 Index is up by 46.30 points or 0.60 percent to 7,824.00, after reaching a high of 7,836.80 earlier. Meanwhile, the broader All Ordinaries Index has risen by 46.00 points or 0.58 percent to 8,036.70. Australian stocks finished the previous session on a high note.
In the mining sector, Rio Tinto and BHP Group are marginally down by 0.2 to 0.5 percent, while Mineral Resources has declined by more than 1 percent. Conversely, Fortescue Metals has edged up by 0.2 percent. Most oil stocks are on the rise, with Santos and Woodside Energy both increasing by 0.5 percent, and Origin Energy gaining nearly 1 percent. However, Beach Energy has plummeted by over 8 percent following a significant downgrade at its new Enterprise gas field in southeast Australia.
Technology stocks are performing well. Afterpay's parent company, Block, and WiseTech Global are both advancing by more than 1 percent each. Appen is up by 1.5 percent, Xero has added nearly 2 percent, and Zip has risen by over 2 percent.
Gold mining stocks are predominantly higher, with Gold Road Resources and Evolution Mining gaining almost 1 percent each. Resolute Mining is up by 0.3 percent, Northern Star Resources has increased by more than 1 percent, while Newmont has edged down by 0.1 percent.
Among the major banks, Commonwealth Bank has almost risen by 1 percent, and Westpac, National Australia Bank, and ANZ Banking have each increased by more than 1 percent.
In other significant news, JB Hi-Fi shares have surged nearly 10 percent following the electronics retailer's positive annual results and a special dividend announcement. The company also disclosed the acquisition of the kitchen, laundry, and bathroom products businesses of E & S Trading Co. On the other hand, Aurizon shares have dropped by more than 6 percent, despite the rail haulage group's announcement of a share buyback worth up to $150 million and a 25 percent increase in annual net profit.
In the currency market, the Australian dollar is trading at $0.658 on Monday.
On Wall Street, stocks had a relatively unremarkable performance on Friday but managed to end mostly higher following Thursday's rally. The major averages finished the session in positive territory, albeit off their intraday highs. The Dow increased by 51.05 points or 0.1 percent to 39,497.54, the Nasdaq climbed by 85.28 points or 0.5 percent to 16,745.30, and the S&P 500 rose by 24.85 points or 0.5 percent to 5,344.16.
European markets also moved higher, with the German DAX Index edging up by 0.2 percent, and the U.K.'s FTSE 100 Index and the French CAC 40 Index both rising by 0.3 percent.
Crude oil prices climbed on Friday, buoyed by optimism about demand prospects due to encouraging labor market data and recent data showing a significant drop in crude inventories. West Texas Intermediate Crude oil futures for September increased by $0.65 or about 0.85 percent, closing at $76.84 a barrel.
