The Australian stock market is experiencing a significant uplift on Monday, effectively reversing the losses seen in the previous trading session. The benchmark S&P/ASX 200 index has surged near the 7,900.00 mark, influenced by mixed signals from Wall Street on Friday, and bolstered by gains in mining and energy sectors amid a rise in commodity prices.
As of now, the S&P/ASX 200 Index has increased by 50.10 points or 0.64 percent to 7,864.50, after reaching a high of 7,870.50 earlier in the session. The broader All Ordinaries Index also shows an uptick, rising by 49.50 points or 0.61 percent to 8,131.80, recouping from the significant slump recorded on Friday.
In the mining sector, major players are showing strong performance with BHP Group and Rio Tinto both climbing nearly 2 percent. Mineral Resources is up almost 1 percent, and Fortescue Metals has added more than 1 percent. The energy sector shares a similar positive trend. Origin Energy is up by almost 1 percent, Woodside Energy has increased more than 1 percent, and Santos has advanced nearly 2 percent. Conversely, Beach Energy is down by almost 1 percent.
In technology, Afterpay owner Block and Xero have both gained nearly 1 percent, while Zip is marginally up by 0.4 percent. However, Appen has declined by almost 4 percent, and WiseTech Global is down nearly 1 percent.
Gold mining stocks are mostly higher. Gold Road Resources has surged by more than 5 percent, Newmont has gained over 2 percent, Northern Star Resources is up by almost 3 percent, Resolute Mining has added nearly 4 percent, and Evolution Mining has risen by almost 5 percent.
Among the major banks, Commonwealth Bank, ANZ Banking, and National Australia Bank have all inched up by 0.3 to 0.5 percent, whereas Westpac has gained nearly 1 percent.
In other noteworthy developments, Nuix shares have skyrocketed by 19 percent following the company's positive half-yearly performance, which positions it to exceed revenue growth targets. Star Entertainment’s shares have been put on hold as the gaming group has received offers from third parties; this follows reports that Hard Rock Hotels and Casinos may be considering a takeover. PointsBet shares have soared by 9 percent after the company raised its expected earnings guidance for fiscal 2024.
On the currency front, the Australian dollar is trading at $0.670 as of Monday.
On Wall Street, stocks showed indecision on Friday, following a modest pullback from the previous session. Major indexes alternated across the unchanged line before closing with marginal differences. Despite the volatility, the Dow Jones Industrial Average closed above 40,000 for the first time, gaining 134.21 points or 0.3 percent to end at 40,003.59. The S&P 500 also edged up by 6.17 points or 0.1 percent to 5,303.27, whereas the Nasdaq, heavy with tech stocks, dipped by 12.35 points or 0.1 percent to 16,685.97.
In contrast, European markets ended the day lower. The French CAC 40 Index declined by 0.3 percent, the U.K.'s FTSE 100 Index dipped by 0.2 percent, and Germany’s DAX Index edged down by 0.1 percent.
Crude oil prices climbed on Friday, buoyed by easing inflation, falling inventories, and speculation of interest rate cuts. West Texas Intermediate (WTI) Crude oil futures for June rose to $80.06 a barrel, up by $0.79 or more than 1 percent. Overall, WTI crude futures gained 2.3 percent for the week.
