Australian Market Slightly Higher

RTTNews · 22 Jan 13.9K Views

The Australian stock market is slightly higher on Monday, extending the gains in the previous three sessions, with the benchmark S&P/ASX 200 staying below the 7,500 level at nine-month highs, following the broadly positive cues from global markets on Friday, with technology stocks pushing the market higher.

The benchmark S&P/ASX 200 Index is gaining 3.40 points or 0.05 percent to 7,455.60, after touching a high of 7,472.80 and a low of 7,434.50 earlier. The broader All Ordinaries Index is up 4.50 points or 0.06 percent to 7,670.80. Australian stocks closed modestly higher on Friday.

Among the major miners, Rio Tinto, Fortescue Metals and BHP Group are losing almost 1 percent each, while Mineral Resources is gaining more than 1 percent. OZ Minerals is flat.

Oil stocks are higher. Woodside Energy is gaining almost 1 percent, while Origin Energy and Santos are edging up 0.2 percent each. Beach energy is edging down 0.3 percent.

Among tech stocks, Afterpay owner Block is surging more than 6 percent, Appen is adding more than 1 percent, Xero is advancing almost 2 percent, WiseTech Global is edging up 0.4 percent and Zip is skyrocketing more than 16 percent.

Gold miners are mostly higher. Northern Star Resources is gaining almost 1 percent and Resolute Mining is adding almost 2 percent, while Gold Road Resources is losing more than 1 percent and Evolution Mining is edging down 0.5 percent. Newcrest Mining is flat.

Among the big four banks, National Australia Bank and Commonwealth Bank are flat. Westpac is edging down 0.4 percent, while ANZ Banking is edging up 0.4 percent.

Shares in Sezzle are soaring more than 20 percent after the buy-now-pay-later firm reported a second straight profitable month.

Shares in Booktopia are also soaring more than 24 percent after online bookstore said it would save $4 to 5 million by restructuring the company, and laying off 30 to 40 workers.

In the currency market, the Aussie dollar is trading at $0.699 on Monday.

On Wall Street, stocks moved sharply higher over the course of the trading session on Friday, regaining ground after posting steep losses for two straight days. Tech stocks helped lead the rebound, resulting in a particularly strong gain by the tech-heavy Nasdaq.

The major averages saw further upside going into the close, ending the session at their best levels of the day. While the Nasdaq spiked 288.17 points or 2.7 percent to 11,140.43, the S&P 500 surged 73.76 points or 1.9 percent to 3,972.61 and the Dow jumped 330.93 points or 1.0 percent to 33,375.49.

The major European markets also moved to the upside on the day. While the German DAX Index advanced by 0.8 percent, the French CAC 40 Index rose by 0.6 percent and the U.K.'s FTSE 100 Index edged up by 0.3 percent.

Crude oil prices climbed higher on Friday amid optimism about the outlook for energy demand following China reopening its economy, and a top official saying the worst is over in the battle against Covid-19. The dollar's drop from the day's highs contributed as well to the rise in oil prices.

The West Texas Intermediate crude oil futures for March, the most active contract, settled with a gain of $1.03 or about 1.3 percent at $81.64 a barrel. The West Texas Intermediate Crude oil futures contract for February ended up $0.98 or about 1.2 percent at $81.31 a barrel on expiration day.

Market Analysis