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The Australian stock market is trimming its early gains in mid-market trading on Monday, but adding to the gains in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P\/ASX 200 index is moving above the 8,800.00 level, with gains across most sectors led by mining and financial stocks.<\/p>\n
The benchmark S&P\/ASX 200 Index is gaining 36.20 points or 0.41 percent to 8,809.70, after touching a high of 8,846.00 earlier. The broader All Ordinaries Index is up 38.90 points or 0.43 percent to 9,100.10. Australian stocks closed modestly higher on Friday.<\/p>\n
Among the major miners, Rio Tinto is adding more than 2 percent, BHP Group is gaining almost 1 percent and Fortescue is advancing more than 3 percent. Mineral Resources is flat.<\/p>\n
Oil stocks are mostly lower. Woodside Energy and Beach energy are losing almost 2 percent each, while Santos is edging down 0.1 percent. Origin Energy is gaining almost 1 percent.<\/p>\n
Among tech stocks, Afterpay owner Block, Xero and Appen are gaining almost 1 percent each, while Zip is edging up 0.1 percent. WiseTech Global is edging down 0.5 percent.<\/p>\n
Gold miners are higher. Evolution Mining is surging more than 5 percent, Resolute Mining is jumping more than 8 percent, Northern Star Resources is soaring more than 7 percent, Newmont is gaining almost 5 percent and Gold Road Resources is adding almost 2 percent.<\/p>\n
Among the big four banks, National Australia Bank, ANZ Banking, Commonwealth Bank and Westpac are all edging down 0.1 to 0.5 percent each.<\/p>\n
In other news, shares in Starpharma are skyrocketing more than 65 percent after the biotech inked a licensing agreement with Genentech, a member of the Roche Group, to develop new cancer therapies.<\/p>\n
Shares in Reece Ltd. are jumping almost 13 percent after the plumbing supplies group announced plans to buy back $250 million of shares.<\/p>\n
Shares in Viva Energy are tumbling more than 8 percent after announcing the resignation of C&M CEO Jevan Bouzo, with Jennifer Gray stepping in as Interim CEO and Group CEO Scott Wyatt overseeing the retail strategy. However, it reaffirms its 2025 outlook.<\/p>\n
In the currency market, the Aussie dollar is trading at $0.659 on Monday. <\/p>\n<\/p>\n
Market Analysis<\/p>\n<\/div>\n