The Australian stock market is trading higher on Monday, tracking the positive cues on Friday from Wall Street, where stocks benefited from some upbeat U.S. economic data as well as comments from a Federal Reserve official.
Banking and mining stocks are leading the gainers in the Australian market. In late-morning trades, the benchmark S&P/ASX 200 Index is advancing 45 points or 0.87 percent to 5,225.80 after opening higher at 5,187.20 and touching a high of 5,235.80. The broader All Ordinaries Index is gaining 41.80 points or 0.81 percent to 5,201.60.
Among mining stocks, BHP Billiton (BHP) is gaining more than 1.2 percent and Rio Tinto (RIO) is adding 0.72 percent. However, Newcrest Mining is trading lower by 1 percent.
In the banking sector, Westpac Banking (WBK) is advancing 1.15 percent, ANZ is adding 0.83 percent, Commonwealth Bank is up 0.74 percent and National Australia Bank is gaining 0.82 percent.
Meanwhile, construction group Leighton Holdings (LGTHF) holds its annual general meeting in Sydney. The company's stock is adding more than 3 percent.Leighton's new chairman Robert Humphris said the company expects to appoint up to five new directors to the board before the end of June, following the sudden exit of former chairman Stephen Johns and two other directors.
Among energy stocks, Oil Search is advancing 0.63 percent and Origin Energy is gaining 1.62 percent.
In the currency market, the Australian dollar is trading slightly against the US dollar. In early trades, the local unit was trading at US$0.9759, up from US$0.9737 on Friday.
On Wall Street, stocks moved sharply higher over the course of the trading day on Friday, more than offsetting the weakness seen on Thursday. In a reversal from the previous session, the markets benefited from some upbeat U.S. economic data as well as comments from a Federal Reserve official.
The major averages saw further upside going into the close, with the Dow and the S&P 500 reaching new record highs. The Dow climbed 121.80 points or 0.8 percent to 15,354.40, the Nasdaq advanced 33.72 points or 1 percent to 3,498.97 and the S&P 500 rose 15.65 points or 1 percent to 1,666.12.
The major European markets also moved to the upside on Friday. While the German DAX Index rose by 0.3 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index ended the day up by 0.5 percent and 0.6 percent, respectively.
U.S. crude oil ended sharply higher for a third straight session Friday, tracking rising global equity markets after some upbeat macroeconomic data out of the U.S. raised hopes of an economic recovery, even as the dollar strengthened against a basket of major currencies.
Crude oil futures for June delivery, the most actively traded contract, gained $0.86 or 0.9 percent to close at $96.02 a barrel on the New York Mercantile Exchange on Friday.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.