Extending the slight gains in the previous session, the Australian stock market is marginally higher in choppy trading on Tuesday, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying just below the 7,700 level, with gains across most sectors led by mining and energy stocks amid spiking commodity prices.
The benchmark S&P/ASX 200 Index is gaining 5.10 points or 0.06 percent to 7,680.90, after touching a high of 7,675.80 and a low of 7,668.70 earlier. The broader All Ordinaries Index is up 5.60 points or 0.07 percent to 7,930.80. Australian stocks closed slightly higher on Monday.
Among the major miners, Rio Tinto and BHP Group are adding almost 1 percent each, while Fortescue Metals is gaining more than 1 percent and Mineral Resources is advancing more than 2 percent.
Oil stocks are higher. Origin Energy and Woodside Energy are gaining almost 1 percent each, while Beach energy is adding more than 2 percent and Santos is advancing more than 1 percent.
Among tech stocks, Afterpay owner Block and WiseTech Global are edging down 0.5 percent each, while Xero is slipping more than 1 percent and Appen is declining more than 2 percent. Zip is gaining 1.5 percent.
Gold miners are higher. Evolution Mining and Gold Road Resources are gaining almost 1 percent each, while Newmont is advancing almost 3 percent, Northern Star resources is adding more than 1 percent and Resolute Mining is rising more than 3 percent.
Among the big four banks, Commonwealth Bank, Westpac and National Australia Bank are edging down 0.1 to 0.5 percent each, while ANZ Banking is flat.
In economic news, the Reserve Bank of Australia will wrap up its monetary policy meeting on Tuesday and then announce its decision on interest rates. The RBA is widely expected to keep its benchmark lending rate unchanged at 4.35 percent.
In the currency market, the Aussie dollar is trading at $0.655 on Tuesday.
On Wall Street, stocks gave back some ground over the course of the trading day on Monday after showing a strong move to the upside early in the session, but managed to close mostly higher. With the upward move, the Nasdaq and the S&P 500 regained ground after closing lower for three straight sessions.
While the major averages came under pressure going into the close, they managed to end the day in positive territory. The Nasdaq advanced 130.27 points or 0.8 percent at 16,103.45, the S&P 500 climbed 32.33 points or 0.6 percent to 5,149.42 and the Dow rose 75.66 points or 0.2 percent at 38,790.43.
Meanwhile, the major European markets moved modestly lower on the day. While the French CAC 40 Index dipped by 0.2 percent, the U.K.\'s FTSE 100 Index edged down by 0.1 percent and the German DAX Index closed just below the unchanged line.
Crude oil prices moved higher Monday amid concerns about supply due to geopolitical risks following continued drone attacks by Ukraine on Russian oil refineries, as well as data showing a drop in crude exports from Iraq and Saudi Arabia. West Texas Intermediate Crude oil futures for April jumped $1.68 or 2.1 percent at $82.72 a barrel.