Australian Market Sharply Higher

(RTTNews) - The Australian stock market is trading sharply higher on Tuesday, reversing some of the sharp losses in the previous two-sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,700 level, with gains across most sectors led by mining and energy stocks.

The benchmark S&P/ASX 200 Index is gaining 115.60 points or 1.34 percent to 8,714.60, after touching a high of 8,750.60 earlier. The broader All Ordinaries Index is up 118.90 points or 1.35 percent to 8,942.50. Australian stocks closed slightly lower on Monday.

Among the major miners, BHP Group is gaining more than 2 percent, Mineral Resources is surging more than 5 percent and Rio Tinto is adding more than 1 percent. Fortescue is flat. Oil stocks are mostly lower. Origin Energy is slipping more than 2 percent and Santos is losing more than 3 percent, while Woodside Energy and Beach energy are declining more than 4 percent each.

Among tech stocks, Afterpay owner Block and Zip are gaining more than 1 percent each, while Appen is advancing almost 2 percent, WiseTech Global is adding more than 2 percent and Xero is up almost 1 percent.

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

Among the big four banks, Commonwealth Bank, Westpac, ANZ Banking and National Australia Bank are all gaining almost 2 percent each.

In economic news, Australia's Westpac-Melbourne Institute Consumer Sentiment Index rose 1.2 percent to 91.6 on month in March 2026, reversing a 2.6 percent drop in the prior month and marking the first rise since last November.

In the currency market, the Aussie dollar is trading at $0.707 on Tuesday.

On Wall Street, stocks moved sharply lower in early trading on Monday but showed a substantial turnaround over the course of the session. The major averages climbed well off their worst levels and into positive territory, with the tech-heavy Nasdaq leading the recovery.

The major averages surged in the final hour of trading, closing not far off their highs. The Nasdaq jumped 308.27 points or 1.4 percent to 22,695.95, the S&P 500 advanced 55.96 points or 0.8 percent to 6,795.99 and the Dow climbed 239.25 points or 0.5 percent to 47,740.80.

Meanwhile, the major European markets moved to the downside on the day. The French CAC 40 Index slumped by 1.0 percent, the German DAX Index slid by 0.8 percent and the U.K.'s FTSE 100 Index fell by 0.3 percent.

Crude oil prices gave back ground over the course of the trading day on Monday after skyrocketing early in the session amid concerns about supply disruptions due to the conflict in the Middle East. West Texas Intermediate crude for April delivery surged $3.11 or 3.42 percent to $94.01 a barrel.