The Australian stock market is experiencing a substantial uptick on Monday, continuing its upward trajectory from the previous session amidst mixed signals from Wall Street on Friday. The benchmark S&P/ASX 200 remains comfortably above the 7,700 level, buoyed by gains in iron miners, energy, and financial stocks.
The S&P/ASX 200 Index has increased by 60.80 points, or 0.79 percent, to reach 7,762.50, after hitting a high of 7,779.00 earlier. Simultaneously, the broader All Ordinaries Index has risen by 57.20 points, or 0.72 percent, to 8,028.00, following a significant surge in Australian stocks on Friday.
In the mining sector, Rio Tinto is up nearly 1 percent, while BHP Group, Fortescue Metals, and Mineral Resources each show gains exceeding 1 percent. The oil sector is also performing well, with Beach Energy and Santos up nearly 1 percent each. Origin Energy has increased by almost 2 percent, and Woodside Energy is advancing by over 1 percent.
Tech stocks exhibit mixed performance. Appen is up nearly 2 percent, while Zip shows gains of more than 2 percent. However, Afterpay owner Block has declined by 1.5 percent, and WiseTech Global has dropped by over 1 percent. Xero remains unchanged.
Gold miners present a mixed picture. Gold Road Resources is down nearly 1 percent, and Resolute Mining has fallen by almost 2 percent. In contrast, Evolution Mining, Northern Star Resources, and Newmont are seeing marginal increases ranging from 0.1 to 0.4 percent.
Among the major banks, Commonwealth Bank is up nearly 1 percent, and Westpac has advanced by almost 2 percent. ANZ Banking and National Australia Bank each exhibit gains surpassing 1 percent.
In corporate news, Lovisa's shares have plummeted by 7 percent following the announcement that John Cheston, managing director of Smiggle, will succeed current CEO Victor Herrero in a year. Conversely, Galileo Mining's shares have surged by 16 percent after divesting almost a third of its lithium stake in the Norseman project, in collaboration with Mineral Resources. APM Human Services' shares have skyrocketed by 11 percent on the news of its acquisition by Chicago's Madison Dearborn Partners for $1.45 per share.
Economically, the latest survey from Judo Bank indicates that Australia's manufacturing sector continues to contract, albeit at a slightly slower rate, with a PMI score of 49.7. This is a marginal increase from April's 49.6 but still below the 50 threshold that signifies expansion.
In the currency market, the Aussie dollar is trading at $0.666 on Monday.
On Wall Street, all major indexes rallied towards the close of trading on Friday after a mixed performance during the session. The Dow experienced a significant rise, rebounding from its lowest close in almost a month, surging by 574.84 points, or 1.5 percent, to 38,686.32. The S&P 500 gained 42.03 points, or 0.8 percent, to 5,277.51, while the Nasdaq ended slightly down by 2.06 points, or less than a tenth of a percent, at 16,735.02, recovering substantially after an earlier fall of 1.7 percent.
European markets also trended upward. The U.K.'s FTSE 100 Index rose by 0.5 percent, the French CAC 40 Index inched up by 0.2 percent, and the German DAX Index closed slightly above the unchanged line.
Crude oil prices fell on Friday, marking a third consecutive day of losses amid concerns about demand outlook. However, optimism regarding the extension of OPEC production cuts mitigated the decline. West Texas Intermediate crude oil futures for July fell by $0.92, closing at $76.99 a barrel.
