Australian Market Significantly Higher
The Australian stock market is significantly higher on Monday, extending the gains in the previous session, with the benchmark S&P/ASX 200 moving above the 7,200 level, following the broadly positive cues from global markets on Friday, with gains across all sectors as traders react to the news of an "agreement in principle" reached on the US debt ceiling over the weekend.
The benchmark S&P/ASX 200 Index is gaining 73.60 points or 1.03 percent to 7,228.40, after touching a high of 7,254.80 earlier. The broader All Ordinaries Index is up 73.90 points or 1.01 percent to 7,408.40. Australian stocks closed modestly higher on Friday.
Among the major miners, BHP Group, Mineral Resources and Fortescue Metals are gaining more than 2 percent each, while Rio Tinto is adding almost 2 percent.
Oil stocks are mostly higher. Santos and Woodside Energy are gaining more than 1 percent each, while Beach energy is adding almost 2 percent and Origin Energy is edging up 0.3 percent.