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The Australian stock market is swinging to modest gains in mid-market trading on Tuesday, extending the slight gains in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P\/ASX 200 index is moving above the 8,700 level, with gains across most sectors led by mining and financial stocks.<\/p>\n
Traders also remain cautious ahead of the release of inflation data tomorrow, which will have an impact on the outlook for interest rates.<\/p>\n
The benchmark S&P\/ASX 200 Index is gaining 27.50 points or 0.31 percent to 8,837.40, after hitting a low of 8,773.40 earlier. The broader All Ordinaries Index is up 28.70 points or 0.32 percent to 8,955.30. Australian stocks closed slightly higher on Monday.<\/p>\n
Among the major miners, Rio Tinto is gaining more than 2 percent and Fortescue is edging up 0.3 percent, while BHP Group and Mineral Resources are advancing almost 3 percent each.<\/p>\n
Oil stocks are mostly higher. Beach energy is gaining more than 2 percent, while Woodside Energy and Santos are edging up 0.1 to 0.3 percent each. Origin Energy is edging down 0.4 percent.<\/p>\n
Among tech stocks, Afterpay owner Block is losing more than 2 percent, Xero is declining almost 2 percent and WiseTech Global is down almost 1 percent, while Zip is surging more than 6 percent and Appen is gaining almost 4 percent.<\/p>\n
Gold miners are mostly higher. Evolution Mining and Newmont are gaining almost 1 percent each, Northern Star Resources is adding more than 1 percent, Resolute Mining is advancing more than 2 percent and Genesis Minerals is edging up 0.5 percent. <\/p>\n
Among the big four banks, ANZ Banking is gaining almost 1 percent. Commonwealth Bank and Westpac are losing almost 1 percent each, while National Australia Bank is adding more than 1 percent.<\/p>\n
In other news, Shares in Brightstar Resources are tumbling more than 5 percent after announcing a $82 million single-tranche capital raising\/placement to fund its Sandstone gold exploration and development program in Western Australia.<\/p>\n
Shares in SCX.ai are surging almost 9 percent after the sovereign artificial intelligence inference company was selected as an Australian launch partner in the SpaceX Super Intelligence Partner Network.<\/p>\n
Shares in Star Entertainment are soaring more than 17 percent following a positive first-quarter trading update and turnaround report released ahead of its Annual General Meeting.<\/p>\n
In the currency market, the Aussie dollar is trading at $0.703 on Tuesday. <\/p>\n<\/p>\n
Market Analysis<\/p>\n<\/div>\n