Australian Market Notably Higher

(RTTNews) - The Australian stock market is notably higher on Monday, reversing the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving above the 8,750.00 level, with gains across most sectors led by energy and technology stocks. Iron ore miners were the only weak spot.

The benchmark S&P/ASX 200 Index is gaining 55.40 points or 0.64 percent to 8,773.20, after touching a high of 8,785.90 earlier. The broader All Ordinaries Index is up 59.70 points or 0.66 percent to 9,105.60. Australian stocks closed slightly lower on Friday.

Among the major miners, BHP Group is losing more than 2 percent, Rio Tinto is down almost 1 percent and Fortescue is declining almost 3 percent, while Mineral Resources is edging up 0.3 percent.

Oil stocks are higher. Beach energy is advancing more than 3 percent and Origin Energy is edging up 0.4 percent, while Woodside Energy and Santos are gaining almost 1 percent each.

Among tech stocks, Afterpay owner Blockis advancing more than 3 percent, Zip is surging almost 6 percent and WiseTech Global is gaining almost 1 percent, while Appen is losing more than 2 percent. Xero is flat.

Gold miners are higher. Northern Star Resources, Evolution Mining and Genesis Minerals are gaining more than 2 percent each, while Resolute Mining is adding more than 1 percent and Newmont is advancing almost 4 percent.

Among the big four banks, Westpac and ANZ Banking are gaining more than 1 percent each, while Commonwealth Bank is adding almost 1 percent and National Australia Bank is advancing almost 2 percent.

In other news, shares in Light & Wonder are skyrocketing almost 16 percent after the gambling product and services firm settled a lawsuit with Aristocrat Leisure, agreeing to pay $190 million.

Shares in PWR Holdings are surging almost 6 percent after the advanced cooling products and solutions provider announced a US$9.1 million follow-on defence and aerospace contract to supply advanced cooling solutions for a US government project.

Shares in Imricor Medical Systems are jumping more than 17 percent after the biotechnology company said US Food and Drug Administration (FDA) had granted clearance for its Vision-MR Diagnostic Catheter, which would allow it to be marketed in the US.

In the currency market, the Aussie dollar is trading at $0.670 on Monday.

On Wall Street, stocks showed a lack of direction early in the session on Friday but moved mostly higher over the course of the trading day. The major averages all climbed firmly into positive territory, with the Dow and the S&P 500 reaching new record closing highs.

The major averages ended the day off their highs of the session but still posted notable gains. The Dow rose 237.96 points or 0.5 percent to 49,504.07, the Nasdaq advanced 191.33 points or 0.8 percent to 23,671.35 and the S&P 500 climbed 44.82 points or 0.7 percent to 6,966.28.

The major European markets have also moved to the upside on the day. While the French CAC 40 Index shot up by 1.4 percent, the U.K.'s FTSE 100 Index climbed by 0.8 percent and the German DAX Index rose by 0.5 percent

Crude oil prices surged on Friday amid near-term supply concerns due to ongoing geopolitical tensions, a decline in U.S. inventories, and OPEC's decision to pause output increases. West Texas Intermediate crude for February delivery was up $1.58 or 2.74 percent at $59.34 per barrel.