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The Australian stock market is sharply trimming its early gains in mid-market trading on Tuesday, but extending the gains in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P\/ASX 200 is moving well above the 7,850 level, with a mixed performance across most sectors. Energy stocks were the only bright spot.<\/p>\n
The benchmark S&P\/ASX 200 Index is gaining 17.80 points or 0.23 percent to 7,871.90, after touching a high of 7,922.90 earlier. The broader All Ordinaries Index is up 17.80 points or 0.22 percent to 8,099.90. Australian stocks closed significantly higher on Monday.<\/p>\n
Among the major miners, BHP Group and Mineral Resources are edging down 0.3 to 0.5 percent each, while Fortescue Metals is declining almost 2 percent. Rio Tinto is edging up 0.1 percent.<\/p>\n
Oil stocks are mostly higher. Santos, Beach energy and Origin Energy are gaining almost 1 percent each, while Woodside Energy is edging up 0.3 percent. <\/p>\n
Among tech stocks, Afterpay owner Block is gaining almost 3 percent and Xero is edging up 0.4 percent, while Appen is losing almost 5 percent, WiseTech Global is edging down 0.2 percent and Zip is declining more than 2 percent.<\/p>\n
Gold miners are mostly lower. Evolution Mining is losing almost 1 percent, Northern Star resources is edging down 0.2 percent and Resolute Mining is declining almost 2 percent, while Newmont is advancing more than 2 percent. Gold Road Resources is slipping almost 5 percent after it warned of lower expected output from its Gruyere joint venture in the March quarter.<\/p>\n
Among the big four banks, Commonwealth Bank is edging down 0.1 percent and National Australia Bank is losing almost 1 percent, while Westpac and ANZ Banking are gaining almost 1 percent each.<\/p>\n
In other news, shares in New Hope Corp. are jumping more than 8 percent after the coal miner grew interim profit by more than a third, boosted its dividend and announced a $100 million share buyback.<\/p>\n
In the currency market, the Aussie dollar is trading at $0.638 on Tuesday. <\/p>\n<\/p>\n
Market Analysis<\/p>\n<\/div>\n