Australian Market Modestly Higher

(RTTNews) - Australian shares are trading modestly higher on Wednesday, extending the gains in the previous session, with the benchmark S&P/ASX 200 moving up to near the 9,000 level, following the broadly positive cues from Wall Street overnight, with gains in gold miners and technology stocks partially offset by weakness in energy stocks.

The benchmark S&P/ASX 200 Index is gaining 24.50 points or 0.27 percent to 8,995.30, after touching a high of 9,015.40 earlier. The broader All Ordinaries Index is up 33.80 points or 0.37 percent to 9,198.90. Australian stocks ended notably higher on Tuesday.

Among major miners, BHP Group and Fortescue are edging up 0.1 to 0.5 percent each, while Mineral Resources is gaining almost 1 percent. Rio Tinto is edging down 0.3 percent.

Oil stocks are mostly lower. Origin Energy and Santos are losing almost 3 percent each, while Woodside Energy and Beach energy are declining more than 3 percent each.

In the tech space, Afterpay owner Block and WiseTech Global are gaining more than 2 percent each, while Zip is surging almost 5 percent, Appen is advancing almost 2 percent and Xero is adding more than 1 percent.

Among the big four banks, ANZ Banking and Westpac are edging down 0.1 to 0.4 percent each, while Commonwealth Bank is edging up 0.3 percent and National Australia bank is gaining almost 1 percent. Among gold miners, Evolution Mining is jumping more than 7 percent, Genesis Minerals is surging almost 5 percent, Northern Star Resources is gaining almost 3 percent, Newmont is adding almost 1 percent and Resolute Mining is advancing more than 2 percent.

In other news, shares in Boss Energy are tumbling more than 11 percent after the uranium producer released of a production update that included a downgrade to its fiscal 2026 guidance for the Honeymoon operation amid ongoing disruptions caused by heavy rainfall.

Shares in Yancoal Australia are jumping almost 12 percent after it announcing a further $50 million cost-cutting program as part of a broader strategy reset. Shares in Telix Pharmaceuticals are slipping almost 6 percent after it raised US$600 million in a large convertible bond offering due in 2031.

Shares in Virgin Australia are surging almost 7 percent after it maintained its full-year guidance despite soaring jet fuel prices with plans to raise airfares and trim domestic capacity.

In the currency market, the Aussie dollar is trading at $0.712 on Wednesday.

On the Wall Street, stocks moved sharply higher during trading on Tuesday, extending the strong upward move seen over the course of Monday's session. The major averages all moved to the upside, with the tech-heavy Nasdaq leading the charge.

The major averages ended the day at or near their highs of the session. The Nasdaq surged 455.35 points or 2 percent to 23,639.08, the S&P 500 jumped 81.14 points or 1.2 percent to 6,967.38 and the Dow climbed 317.74 points or 0.7 percent to 48,535.99. The major European markets also moved to the upside on the day. While the German DAX Index shot up by 1.3 percent, the French CAC 40 Index jumped by 1.1 percent and the U.K.'s FTSE 100 Index rose by 0.3 percent.

Crude oil prices plunged on Tuesday amid news about potential negotiations. In addition, the International Energy Agency's report cautioning crude oil "demand destruction" weighed on prices. West Texas Intermediate crude for May delivery was down $7.18 or 7.25 percent at $91.90 per barrel.