Australian Market Notably Higher

(RTTNews) - The Australian stock market is trading notably higher on Tuesday, adding to the gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 9,050 level, with gains across most sector led by mining and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 43.80 points or 0.49 percent to 9,075.70, after touching a high of 9,087.90 earlier. The broader All Ordinaries Index is up 52.60 points or 0.56 percent to 9,377.20. Australian stocks closed modestly higher on Monday.

Among the major miners, BHP Group is gaining almost 3 percent, Mineral Resources is advancing more than 4 percent, Rio Tinto is adding almost 2 percent and Fortescue is up almost 1 percent. Oil stocks are mostly higher. Santos and Origin Energy are edging up 0.2 to 0.4 percent each, while Woodside Energy is adding almost 1 percent and Beach energy is gaining almost 4 percent.

Among tech stocks, Afterpay owner Block and Appen are gaining almost 1 percent each, while WiseTech Global is adding more than 2 percent and Xero is edging up 0.3 percent. Zip is losing more than 3 percent.

Gold miners are mostly higher. Northern Star resources is gaining almost 2 percent, Resolute Mining is up almost 1 percent and Evolution Mining is advancing almost 5 percent, while Newmont and Genesis Minerals are adding more than 2 percent each.

Among the big four banks, Commonwealth Bank and Westpac are edging down 0.3 to 0.5 percent each, while National Australia Bank is losing almost 1 percent. ANZ Banking is gaining almost 1 percent.

In other news, shares in Alcoa are jumping almost 8 percent and Arafura Rare Earths are surging almost 13 percent after a multi-billion deal between the US and Australia to bolster rare earths and critical mineral supplies amidst US-China trade tensions.

In the currency market, the Aussie dollar is trading at $0.652 on Tuesday.

On Wall Street, stocks showed a more significant move to the upside during trading on Monday, following the upward move seen over the course of last Friday's session. The major averages all moved sharply higher, climbing back within striking distance of their record highs.

The major averages moved roughly sideways after an early rally, hovering firmly in positive territory. The Nasdaq surged 310.57 points or 1.4 percent to 22,990.53, the S&P 500 jumped 71.12 points or 1.1 percent to 6,735.13 and the Dow shot up 515.97 points or 1.1 percent to 46,706.58.

The major European markets also moved to the upside on the day. While the German DAX Index jumped by 1.8 percent and the U.K.'s FTSE 100 Index and the French CAC 40 Index rose by 0.5 percent and 0.4 percent, respectively.

Crude oil prices edged lower on Monday as traders assess recent IEA reports of an oil market surplus in 2026. West Texas Intermediate crude for November delivery was down $0.10 or 0.17 percent at $57.44 per barrel.