On Monday, the Australian stock market is strengthening its position in mid-session trading, following the end of a five-day losing streak. The benchmark S&P/ASX 200 index remains well above the 8,300 mark, buoyed by gains in the financial and technology sectors. However, these gains are partially offset by declines in mining and energy stocks due to weaker commodity prices.
Currently, the S&P/ASX 200 Index has risen by 73.80 points, or 0.90%, reaching 8,323.30, with an earlier peak at 8,327.30. Meanwhile, the broader All Ordinaries Index has increased by 74.30 points or 0.88%, standing at 8,568.30. Previously, Australian stocks closed significantly lower on the last trading day.
In the mining sector, leading companies like Fortescue Metals and Rio Tinto are experiencing slight declines of 0.1% to 0.2%, while Mineral Resources is down nearly 1%. Conversely, BHP Group is showing a minor uptick of 0.2%.
Oil sector stocks are generally weaker. Origin Energy is slightly down by 0.2%, with Woodside Energy and Santos both declining nearly 1%. Beach Energy, however, is gaining over 1%.
Among technology stocks, Block, which owns Afterpay, is increasing by almost 1%, and Appen is up by 0.5%. Meanwhile, WiseTech Global, Xero, and Zip are each posting gains of more than 1%.
Gold miners present a mixed picture. Gold Road Resources is up by almost 2%, with Evolution Mining edging higher by 0.5%, and Resolute Mining adding nearly 1%. On the other hand, Northern Star Resources and Newmont have each slipped by 0.5%.
Within the major banks, Commonwealth Bank and ANZ Banking are both up by over 1%, Westpac is near a 1% increase, and National Australia Bank is advancing by almost 2%.
Elsewhere, Karoon Energy's shares have plunged over 7% after it reduced its production forecast. Data#3's shares fell almost 10% following news of adjustments in its partnership with Microsoft in Australia, including a cut in earned incentives.
On a brighter note, shares in Novonix Ltd. have surged almost 7% after securing a conditional US$755 million loan from the US Department of Energy for its synthetic graphite production.
In the currency market, the Australian dollar is currently trading at $0.637.
The material has been provided by InstaForex Company -
www.instaforex.com
