The Australian stock market is experiencing significant gains on Monday, continuing the positive momentum from the previous trading session. This uptick is aligned with the positive trends observed on Wall Street last Friday. Currently, the benchmark S&P/ASX 200 index has moved past the 8,400 mark, with considerable gains seen in the mining, energy, and technology sectors. Financial stocks, however, are lagging behind.
The S&P/ASX 200 Index has risen by 60.20 points, translating to a 0.72% increase, landing at 8,454.00, after reaching an earlier peak of 8,462.10. Similarly, the broader All Ordinaries Index has climbed 63.60 points, or 0.74%, to 8,696.70. Previously, Australian stocks had also closed significantly higher on Friday.
In the mining sector, key players like BHP Group and Rio Tinto have each seen gains of nearly 1%, while Fortescue Metals has risen by almost 2%, and Mineral Resources has increased by more than 1%. Oil stocks are predominantly on the rise, with Beach Energy slightly up by 0.2%, Woodside Energy gaining over 1%, and Origin Energy advancing nearly 1%, while Santos has declined by almost 1%.
Tech stocks show a positive trend, with Afterpay owner Block and Xero each gaining nearly 1%. Appen has surged by more than 4%, and Zip has added approximately 2%. WiseTech Global, however, has edged down by 0.4%.
Gold miners are mainly on an upward trajectory; Evolution Mining has gained nearly 1%, and both Gold Road Resources and Northern Star Resources have increased by 0.2% to 0.4%. Conversely, Newmont has slightly decreased by 0.2%, and Resolute Mining has dropped nearly 3%.
Among the major banks, Westpac and National Australia Bank have both decreased by 0.4%, ANZ Banking has fallen by almost 1%, while Commonwealth Bank remains stable.
In corporate news, SG Fleet Group shares have surged by almost 24% following a takeover bid from Pacific Equity Partners, offering $3.50 per share for the car leasing company. Additionally, shares of Selfwealth have jumped 6% after Bell Financial revised its takeover bid for the online retail broker.
On the currency front, the Australian dollar is trading at $0.655 on Monday.
Wall Street saw continued strength on Friday, building on Thursday's upward movement. The Dow Industrials led the charge, achieving a new record closing high. The primary market averages closed the day with gains, as the Dow rose by 426.16 points or 1.0% to 44,296.51. The S&P 500 increased by 20.63 points or 0.4% to 5,969.34, and the Nasdaq added 31.23 points or 0.2% to 19,003.65.
European markets also experienced upward trends; the U.K.'s FTSE 100 Index saw a 1.4% increase, Germany's DAX Index advanced by 0.9%, and France's CAC 40 Index rose by 0.6%.
Crude oil prices climbed on Friday amid escalating concerns over the Russia-Ukraine conflict. West Texas Intermediate (WTI) Crude oil futures for January settled up by $1.14 or 1.6% at $71.24 per barrel, reflecting a 6.5% gain over the week.