The Australian stock market experienced a notable upswing on Tuesday, building on gains from the previous session. This rise aligns with positive trends from European markets and follows a period of limited activity on Wall Street due to a public holiday. The benchmark S&P/ASX 200 index has climbed above 8,400 points, with significant contributions from sectors such as mining, financials, and technology.
In detail, the S&P/ASX 200 Index increased by 90.90 points, or 1.09%, reaching 8,438.30, peaking earlier at 8,447.40. Similarly, the broader All Ordinaries Index advanced by 90.60 points, or 1.05%, to 8,685.00. This reflects a continuation of the bullish sentiment observed in Monday's session.
Leading the miner's segment, BHP Group rose by nearly 2%, and Fortescue Metals by over 1%, with Rio Tinto and Mineral Resources each appreciating by approximately 1%.
Oil stocks presented a mixed picture, with Origin Energy decreasing nearly 2% and Santos slipping by close to 1%. However, Woodside Energy and Beach Energy saw gains of about 1% each. In the technology sector, stocks like Block, Appen, and Xero showed small increases between 0.3% and 0.5%, whereas Zip advanced by nearly 4% and WiseTech Global by over 1%.
Gold mining stocks showed varied performances. Gold Road Resources and Resolute Mining each increased by over 1%, while Evolution Mining edged up by 0.1%. In contrast, Newmont and Northern Star Resources experienced slight declines of 0.1% to 0.5%.
Among the major banks, Commonwealth Bank, ANZ Banking, and Westpac each saw gains approaching 2%, with National Australia Bank leading with nearly a 3% increase.
In additional news, Hub24 shares surged over 14% following a report of record quarterly platform net inflows totaling $5.5 billion. Meanwhile, Liontown Resources shares jumped over 10%, boosted by a reported threefold increase in spodumene concentrate output at its Kathleen Valley Lithium Operation. Conversely, shares in Novonix fell by more than 6% after CEO Chris Burns announced his resignation.
On the currency front, the Australian dollar was trading at $0.623 on Tuesday.
Markets in the United States remained closed on Monday in observance of Martin Luther King Jr. Day, following a robust performance last Friday. In Europe, major indices posted gains, with the U.K.'s FTSE 100 increasing by 0.18%, Germany's DAX rising by 0.42%, and France's CAC 40 up by 0.31%.
