The Australian stock market experienced a modest uptick on Tuesday, maintaining positive momentum from the previous session despite some early fluctuations. This follows a mix of signals from Wall Street overnight. The S&P/ASX 200 Index remains above the 8,400 threshold, supported by advances in iron ore mining and financial sectors. However, this progress is somewhat counterbalanced by declines in gold mining, energy, and technology stocks.
Currently, the S&P/ASX 200 Index has increased by 7.90 points, or 0.09%, reaching 8,416.80. It previously touched a high of 8,418.80 and dipped to a low of 8,386.50. Meanwhile, the broader All Ordinaries Index has risen by 1.30 points, or 0.02%, to 8,661.70. Prior to Monday’s holiday closure, Australian stocks finished slightly higher last Friday.
In the mining sector, BHP Group is advancing nearly 1%, while Rio Tinto, Mineral Resources, and Fortescue Metals are each up between 0.1% and 0.5%.
The energy sector is largely under pressure, with Origin Energy dropping nearly 1%, and both Woodside Energy and Santos slipping by 0.3% to 0.5%. However, Beach Energy is up marginally by 0.2%.
In technology, Zip has declined almost 4%, WiseTech Global is down nearly 2%, and Appen has slipped 4.5%. Xero, in contrast, is up by nearly 2%, while Block, the owner of Afterpay, remains unchanged.
Gold miners are facing challenges, with Gold Road Resources decreasing by over 3%, Newmont dropping more than 1%, and Northern Star Resources falling close to 2%. Meanwhile, Evolution Mining is up slightly by 0.1%, and Resolute Mining is unchanged.
Australia's largest banks are seeing gains, with Westpac increasing by over 1%, and Commonwealth Bank, ANZ Banking, and National Australia Bank each rising almost 1%.
In other developments, Nuix shares have plummeted nearly 20% following an announcement of an expected decline in underlying earnings for the half-year leading to December, attributed to project delays and complex contract commitments.
Conversely, Telix Pharmaceuticals shares have surged more than 5% after successfully acquiring US-listed RLS Radiopharmacies for $230 million.
On the currency front, the Australian dollar is trading at $0.627 on Tuesday.
In the US financial markets, Monday saw a mostly negative finish on Wall Street, heavily influenced by a downturn in the tech sector attributed to persistent selling pressure throughout the day.
The Dow Jones Industrial Average rose by 289.33 points, or 0.65%, closing at 44,713.58. The S&P 500 dropped by 88.96 points, or 1.46%, ending at 6,012.28, while the Nasdaq Composite slipped by 612.47 points, or 3.07%, finishing at 19,341.83.
European markets presented mixed results. Germany's DAX decreased by 0.53%, France's CAC 40 by 0.27%, whereas the U.K.'s FTSE 100 edged upwards by 0.02%.
Crude oil prices experienced a significant decline on Monday, driven by ongoing concerns over tariff threats and the uncertain U.S. trade policy landscape. Additionally, disappointing manufacturing data from China has heightened apprehension regarding future demand. Consequently, West Texas Intermediate Crude oil futures for March fell by $1.49, or 2%, to settle at $73.17 a barrel.
