The Australian stock market experienced a significant rise on Monday, reversing a three-day losing streak, buoyed by the positive signals from Wall Street last Friday. The S&P/ASX 200 index surpassed the 8,100.00 mark, with most sectors experiencing gains, primarily led by technology and financial stocks.
The S&P/ASX 200 Index increased by 45.00 points, equating to a 0.56 percent rise, reaching 8,112.00, after peaking at 8,130.40 earlier in the session. The All Ordinaries Index also saw an upswing, climbing 46.70 points or 0.56 percent to 8,363.40. This upward trend is in contrast to Friday’s sharp decline in Australian stocks.
In terms of major mining companies, both BHP Group and Rio Tinto saw minor declines of 0.4 percent, while Fortescue Metals increased by 0.5 percent, and Mineral Resources advanced by over 1 percent. The oil sector also showed positive movement. Woodside Energy and Santos recorded minor increases of 0.2 to 0.3 percent, with Origin Energy rising by nearly 1 percent. Beach Energy remained steady with no significant change.
Tech stocks displayed notable gains. Afterpay's parent company Block rose by over 2 percent, Xero saw an almost 1 percent increase, Appen surged nearly 7 percent, and Zip climbed over 6 percent. Conversely, WiseTech Global experienced a slight drop of 0.4 percent.
Gold mining companies mostly recorded increases. Evolution Mining and Northern Star Resources each rose by nearly 1 percent, Newmont advanced close to 3 percent, and Gold Road Resources increased by more than 1 percent. Resolute Mining remained unchanged.
Among the major banks, Commonwealth Bank, Westpac, and ANZ Banking each saw gains of over 1 percent, while National Australia Bank rose by nearly 1 percent.
In the currency market, the Australian dollar was trading at $0.625 on Monday.
On Wall Street, stock prices climbed significantly on Friday after a relatively stable session on Thursday. The primary indices bounced back from early losses, moving confidently into positive territory as the day progressed.
The Dow Jones Industrial Average saw a robust gain of 498.02 points or 1.2 percent, reaching 42,840.26, building on Thursday's small gain which ended a ten-day losing streak. The Nasdaq Composite rose by 199.83 points or 1.0 percent to 19,572.60, and the S&P 500 increased by 63.77 points or 1.1 percent to 5,930.85.
Meanwhile, European stocks moved off their lows but still closed the session slightly down. The German DAX Index fell by 0.4 percent, while both the French CAC 40 Index and the U.K.'s FTSE 100 Index decreased by 0.3 percent.
Crude oil prices closed higher on Friday as the dollar retreated from its two-year highs following softer PCE data which eased concerns about potential interest rate cuts. West Texas Intermediate crude oil futures gained $0.08, or approximately 0.1 percent, to settle at $69.46 a barrel. However, oil futures decreased by 2.5 percent over the course of the week.
The material has been provided by InstaForex Company -
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