The Australian stock market is observing a considerable rise this Tuesday, after a mixed performance from Wall Street. The primary S&P/ASX 200 Index is surging past the 7,800 bar, boosted by notable gains in iron ore and technology sectors.
The S&P/ASX 200 Index is experiencing a growth of 40.30 points or 0.52%, standing at 7,829.40, after peaking at 7,835.10. The wider All Ordinaries Index too has increased by 40.70 points or 0.51%, reaching 8,085.60. On Monday, Australian stocks concluded with a modest rise.
In the mining sector, leading names like Rio Tinto and BHP Group are observing gains of over 3% and over 2% respectively. Besides, Mineral Resources is up by over 1% and Fortescue Metals by almost 2%.
In the oil sector, the overall performance is slightly subdued. Santos has slipped by almost 1% and Origin Energy is down by 0.1%, whereas Woodside Energy is up by nearly 1%. Beach Energy remains steady.
In the technology space, WiseTech Global is up by almost 1%, Zip by over 3%, Afterpay owner Block by almost 2%, and Appen by over 7%. Xero is seeing a slight surge of 0.3%.
Gold mining companies are mostly experiencing a downward trend. Evolution Mining is seeing a near 1% fall, Newmont over 1% and Resolute Mining over 2%. However, Gold Road Resources is gaining over 3% and Northern Star Resources is up by 0.1%.
Among the top four banks, Commonwealth Bank, National Australia Bank, ANZ Banking and Westpac are all seeing a minor rise ranging from 0.1 to 0.4%.
Elsewhere, Ansell's shares are up over 6% following its $400 million underwritten placement at $22.45 per share to fund its acquisition of a segment of US-based Kimberly-Clark Corp.
In the currency exchange market, the Australian dollar is rated at $0.661 this Tuesday.
On Wall Street, Monday's performance was rather lackluster following the volatility witnessed during the end of last week. Major averages were seen fluctuating around the unchanged line, ending with a minor mixed result.
While the Nasdaq observed a minor rise of 5.44 points reaching 16,253.96, the Dow fell by 11.24 points to 38,892.80 and the S&P 500 saw a reduction of 1.95 points reaching 5,202.39.
European markets performed considerably well. The German DAX Index grew by 0.8%, France's CAC 40 rose by 0.7% and the UK's FTSE 100 increased by 0.4%.
Oil prices, on the other hand, diminished slightly, owing to easing geopolitical tensions after Israel withdrew its troops from Southern Gaza. West Texas Intermediate Crude oil futures for May fell by $0.48 or 0.55%, standing at $86.43 a barrel.
