The Australian stock market is experiencing an upswing during midday trading on Monday, breaking a three-day downward trend. The benchmark S&P/ASX 200 index has climbed significantly above the 8,100 mark, with notable recoveries observed in technology, mining, and energy sectors.
Specifically, the S&P/ASX 200 Index has risen by 96.20 points, or 1.19%, reaching 8,163.20, following an earlier peak of 8,164.50. Meanwhile, the broader All Ordinaries Index has increased by 97.30 points, or 1.17%, to 8,414.00. Among the leading mining companies, BHP Group and Fortescue Metals incrementally rose between 0.2 to 0.4%, Mineral Resources saw a more substantial gain exceeding 2%, while Rio Tinto dipped slightly by 0.4%. In the oil sector, most stocks experienced upward momentum, as Santos and Beach Energy posted gains of nearly 1% each, Origin Energy added almost 2%, and Woodside Energy advanced by 1.5%.
In the technology segment, Block, which owns Afterpay, rose nearly 3%, Zip surged almost 7%, Xero climbed over 1%, Appen increased by more than 7%, and WiseTech Global inched up by 0.5%.
Gold mining companies mostly recorded gains. Evolution Mining advanced by over 1%, Northern Star Resources neared a 1% increase, Newmont rose by more than 3%, and both Gold Road Resources and Resolute Mining advanced by almost 2%.
Regarding the prominent banks, National Australia Bank and Westpac each saw near 2% gains, while Commonwealth Bank and ANZ Banking both increased by more than 2%.
On the currency front, the Australian dollar is currently trading at $0.626.
