The Australian stock market is modestly higher on Tuesday, extending the gains of the previous three sessions, with the benchmark S&P/ASX 200 just below the 7,100 level near 14-month highs, following the broadly positive cues overnight from Wall Street. The market is powered by gains for energy, materials, financial and technology stocks.
The benchmark S&P/ASX 200 Index is gaining 47.10 points or 0.67 percent to 7,093.00, after touching a high of 7,101.10 earlier. The broader All Ordinaries Index is up 48.50 points or 0.67 percent to 7,324.50. Australian ended slightly higher on Monday.
Among the major miners, BHP Group, OZ Minerals and Mineral Resources are gaining almost 1 percent each, while Fortescue Metals and Rio Tinto are adding more than 1 percent each.
Oil stocks are higher after crude oil prices climbed overnight. Oil Search is gaining more than 1 percent, Origin Energy is edging up 0.3 percent and Beach energy is up almost 3 percent, while Woodside Petroleum and Santos are adding almost 1 percent each.
Among the big four banks, ANZ Banking is gaining almost 1 percent, while Commonwealth Bank, Westpac and National Australia Bank are edging up 0.3 percent each.
Among tech stocks, Afterpay is gaining almost 2 percent and Appen is adding more than 1 percent, while WiseTech Global and Xero are edging up 0.3 percent each.
Gold miners are mostly lower, with Resolute Mining losing almost 4 5 percent and Gold Road Resource down more than 2 percent, while Northern Star Resources and Evolution Mining are edging down 0.3 percent each. Newcrest Mining is edging up 0.3 percent.
In other news, shares in TechnologyOne are surging more than 7 percent after the tech firm boosted first half interim on reporting a 48 percent growth in profit for the first half with revenue also increasing 5 percent to $144 million from last year.
In the currency market, the Aussie dollar is trading at $0.776 on Tuesday.
On Wall Street, stocks moved mostly higher during trading on Monday following the mixed performance seen last week. The major averages all moved to the upside on the day, with the tech-heavy Nasdaq showing a particularly strong advance.
The major averages gave back ground going into the close but remained firmly positive. The Dow climbed 186.14 points or 0.5 percent to 34,393.98, the Nasdaq surged up 190.18 points or 1.4 percent to 13,661.17 and the S&P 500 jumped 41.19 points or 1 percent to 4,197.05.
European stocks moved mostly higher in light trading, with several markets in the region closed for holidays. While the French CAC 40 Index rose by 0.4 percent, the U.K.'s FTSE 100 Index climbed by 0.5 percent.
Crude oil futures climbed higher on Monday as inconclusive nuclear deal negotiations with Iran and reports of a possible hurricane in the Gulf of Mexico supported prices. West Texas Intermediate Crude oil futures for July surged $2.47 or 3.9 percent at $66.05 a barrel.
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