Australian stock market sees upswing, commodity prices surge

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Australian stock market sees upswing, commodity prices surge
Credit: © Reuters.

The Australian stock market has been experiencing a significant upswing, with the S&P/ASX 200 Index nearing the 7,000 point mark on Monday. This rise is largely attributed to surging commodity prices which have led to gains across key miners and oil stocks.

Gold miners including Gold Road Resources, Northern Star Resources, Newcrest Mining (OTC: NCMGF ), and Resolute Mining have seen substantial growth, with Evolution Mining soaring over 6%. Key mining companies such as Rio Tinto (NYSE: RIO ), BHP Group (NYSE: BHP ), Fortescue Metals, and Mineral Resources are also making strides alongside oil stocks like Woodside (OTC: WOPEY ) Energy and Santos, both of which are up nearly 3%.

In addition to the mining sector, tech firms and banks are also showing encouraging performance. Tech firms including Block, the owner of Afterpay, and Xero have been performing well. Banks like ANZ Banking and Commonwealth Bank have also shown a nearly 1% increase.

The Aussie dollar was seen trading at $0.637.

On the global stage, markets performed strongly last Friday. The Nasdaq surged by 1.6%, while the S&P 500 jumped by 1.2%. European markets also saw advancements with the German DAX Index and French CAC 40 Index rising by 1.1% and 0.9% respectively.

In terms of commodities, West Texas Intermediate Crude oil futures rose by $0.48 or 0.6%, trading at $82.79 a barrel last Friday.

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