\n<\/p>\n
The Australian stock market is doubling its early gains in mid-market trading 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 up well above the 7,700.00 level, with gains across most sectors led by mining and financial stocks.<\/p>\n
The benchmark S&P\/ASX 200 Index is gaining 104.60 points or 1.37 percent to 7,751.10, after touching a high of 7,748.20 earlier. The broader All Ordinaries Index is up 107.40 points or 1.37 percent to 7,961.10. Australian stocks closed significantly lower on Friday.<\/p>\n
Among the major miners, BHP Group is gaining more than 2 percent, Fortescue Metals is advancing almost 2 percent, Rio Tinto is adding more than 1 percent and Mineral Resources is surging more than 6 percent.<\/p>\n
Oil stocks are mostly higher. Woodside Energy is edging up 0.5 percent, Santos is gaining almost 1 percent and Origin Energy is up more than 1 percent, while Beach energy is losing almost 2 percent.<\/p>\n
Among tech stocks, Afterpay owner Block is losing more than 1 percent and Appen is losing almost 2 percent, while Xero is gaining almost 2 percent, WiseTech Global is adding more than 2 percent and Zip is advancing more than 1 percent.<\/p>\n
Gold miners are mostly higher. Evolution Mining and Resolute Mining are gaining almost 2 percent each, while Northern Star Resources is edging up 0.2 percent and Newmont is adding more than 4 percent. Gold Road Resources is edging down 0.2 percent.<\/p>\n
Among the big four banks, Commonwealth Bank is gaining more than 1 percent, while ANZ Banking, Westpac and National Australia Bank are adding almost 2 percent each.<\/p>\n
In other news, shares in DroneShield are soaring more than 16 percent after the drone defence company announced it had received a package of five separate contracts totalling $32.2 million.<\/p>\n
Shares in Neuren Pharmaceuticals are also skyrocketing almost 18 percent after its upcoming Phase 3 trial for NNZ-2591, a potential treatment for Phelan-McDermid syndrome (PMS), has received the green light from the US FDA to proceed as planned.<\/p>\n
In the currency market, the Aussie dollar is trading at $0.630 on Monday. <\/p>\n<\/p>\n
Market Analysis<\/p>\n<\/div>\n