The Australian stock market is paring its early gains during mid-market trading on Tuesday, following a rebound from a three-day losing streak. The benchmark S&P/ASX 200 index has climbed above the 8,200 mark, driven by robust performances in mining and energy sectors. However, these gains are being partially counterbalanced by downturns in the financial and technology sectors.
Currently, the S&P/ASX 200 Index is up by 18.70 points, or 0.23%, reaching 8,210.60, after having peaked at 8,253.80 earlier in the session. Meanwhile, the broader All Ordinaries Index has risen by 21.20 points, or 0.25%, to 8,453.10. Australian stocks had experienced a sharp decline on Monday.
In the mining sector, key players such as BHP Group are up by nearly 1%, while Rio Tinto has increased by 0.4%. Fortescue Metals and Mineral Resources have reported gains of almost 2% and over 2%, respectively.
The oil sector is also seeing an upward trend. Origin Energy, Woodside Energy, and Santos are each advancing by close to 1%, with Beach Energy slightly up by 0.3%.
Conversely, there is notable weak performance among technology stocks. Block, the owner of Afterpay, is down by 0.5%, and Appen has fallen by 2.5%. Both Zip and WiseTech Global have declined by nearly 1% each, whereas Xero has edged up by 0.1%.
Gold miners are mostly on an upswing. Resolute Mining, Newmont, and Evolution Mining have each increased by 0.4% to 0.5%, with Northern Star Resources advancing by almost 1%. Gold Road Resources remains unchanged.
Among the major banks, Westpac and National Australia Bank have each dropped by 0.4% to 0.5%, while Commonwealth Bank is down almost 1%. ANZ Banking is stable.
In other developments, shares of City Chic Collective have surged over 11%, buoyed by strong holiday trading results, despite a reported 3.6% decrease in revenue during the second half of 2024.
On the currency front, the Australian dollar is trading at $0.618 as of Tuesday.
The material has been provided by InstaForex Company -
www.instaforex.com
