The Australian stock market rebounded strongly on Tuesday, buoyed by positive cues from Wall Street. The S&P/ASX 200 surged above the 8,450 level, with mining and energy sectors leading the gains, fueled by a spike in commodity prices. The benchmark index rose by 0.65 percent to 8,468.90, while the broader All Ordinaries Index climbed by 0.66 percent to 8,694.80.
Major mining companies like BHP Group and Rio Tinto saw gains, with Fortescue Metals and other players also posting positive movements. Oil stocks, including Origin Energy and Woodside Energy, were on the rise. Tech stocks like Afterpay and WiseTech Global showed strength, while gold miners like Evolution Mining and Northern Star Resources witnessed significant increases.
The big four banks in Australia, including Commonwealth Bank and National Australia Bank, also saw modest gains. However, IDP Education shares plummeted over 45 percent after downgrading its earnings guidance due to global policy uncertainty affecting student placements and language testing volumes.
On the economic front, the Reserve Bank of Australia announced a cut in the cash rate target to 3.85 percent. In the currency market, the Aussie dollar was trading at $0.649 on Tuesday. In the U.S., stocks initially faced pressure but made a notable turnaround, with the Nasdaq climbing 0.7 percent to 19,242.61.
European markets, on the other hand, experienced a downward trend, with the German DAX Index falling by 0.3 percent. Crude oil prices surged on escalating geopolitical tensions, with West Texas Intermediate crude reaching $62.52 a barrel.
RTTNews, founded by Andrew Mariathasan, has been a trusted provider of financial content since the late 1990s. Its Financial Newswire is relied upon by major financial institutions worldwide for market insights and updates.
📰 Related Articles
- RealReal Stock Surges 4.8% as Market Analysts Raise Price Target Amid Positive Trajectory
- Xerox Boosts Market Presence with Lexmark Acquisition, Stock Surges
- Wall Street Gains as China Prepares for Trade Talks with US, Disney Surges
- Wall Street Gains Momentum on Positive Economic News
- Wall Street Braces for Market Shifts Amid Tariff Uncertainty