The Australian stock market has been experiencing a significant upswing, with the S&P/ASX 200 Index nearing the 7,000 point mark on Monday. This rise is largely attributed to surging commodity prices which have led to gains across key miners and oil stocks.
Gold miners including Gold Road Resources, Northern Star Resources, Newcrest Mining (OTC: NCMGF ), and Resolute Mining have seen substantial growth, with Evolution Mining soaring over 6%. Key mining companies such as Rio Tinto (NYSE: RIO ), BHP Group (NYSE: BHP ), Fortescue Metals, and Mineral Resources are also making strides alongside oil stocks like Woodside (OTC: WOPEY ) Energy and Santos, both of which are up nearly 3%.
In addition to the mining sector, tech firms and banks are also showing encouraging performance. Tech firms including Block, the owner of Afterpay, and Xero have been performing well. Banks like ANZ Banking and Commonwealth Bank have also shown a nearly 1% increase.
The Aussie dollar was seen trading at $0.637.
On the global stage, markets performed strongly last Friday. The Nasdaq surged by 1.6%, while the S&P 500 jumped by 1.2%. European markets also saw advancements with the German DAX Index and French CAC 40 Index rising by 1.1% and 0.9% respectively.
In terms of commodities, West Texas Intermediate Crude oil futures rose by $0.48 or 0.6%, trading at $82.79 a barrel last Friday.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.