The Australian stock market is trading firm on Monday with investors tracking cues from Wall Street, where the major indices posted modest gains on Friday after a volatile session.
Resources stocks are the prominent gainers. Financials, telecommunications and healthcare stocks are also attracting attention. Industrials, consumer staples and healthcare stocks are exhibiting a mixed trend.
The benchmark S&P/ASX 200 index, which rose to 4,551, is currently trading at 4,537, up 22.9 points or 0.5% over its previous close. The broader All Ordinaries index is up 22.5 points or 0.5% at 4,555.
On Friday, the S&P/ASX 200 index had plunged 107.3 points or 2.3% to close at 4,514, while the All-Ordinaries Index ended at 4,533, recording a loss of 111.6 points, or 2.4%.
Among top miners, BHP Billiton, Rio Tinto and Newcrest Mining are trading higher by 1.2%-1.4%. Bluescope Steel, Fortescue Metals, Incitec Pivot and Lihir Gold are also up with notable gains. However, Orica is trading in the red with a modest loss.
Shares of nickel producer Western Areas NL are up nearly 3% following the company tipping a turnaround in fortunes in its first half, after making a loss in the corresponding period a year earlier. The Perth-based company expects a net profit of A$10.7 million in the six months to December 31, compared to a loss of A$12.3 million in the same period in 2008.
Avoca Resources is up 5% following an announcement by the company that it expects to unveil a maiden first-half pre-tax profit of A$40.5 million. This compares to a loss of A$21 million in the prior corresponding period.
The company said the estimated first-half net profit was A$29.38 million, compared to a loss of A$14.65 million in the corresponding period in 2008.
In the energy space, Woodside Petroleum is up 2.4%, Santos is gaining about 0.85% and Oil Search is trading higher by 2.2%, while Origin Energy is down in negative territory with a loss of 1.2%.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation are trading higher by 0.5%-1.3%.
Shares of retailer JB Hi-Fi are down more than 4.5% despite the company reporting a 29% increase in first-half net profit.
In the currency market, the Australian dollar opened higher with Friday's positive close on Wall Street lifting demand for high yielding assets. In early trades, the Aussie was quoting at US$0.8685-US$0.8692, up 0.2% from Friday's close of US$0.8668-US$0.8672.
Among other markets in the Asia-Pacific region, Singapore and Taiwan are trading firm, while Japan Malaysia, New Zealand and South Korea are exhibiting weakness. Markets across the region had ended with notable losses on Friday.
On Wall Street, stocks posted modest gains on Friday after a significantly volatile session. The major averages closed in positive territory after spending most of the day in the red.
While concerns about the labor market dragged stock prices down around early afternoon, a lower than expected decline in consumer credit and speculation that the European Union would concoct a solution to Greece's debt problems pulled the market out of the red.
The Dow gained 10 points or 0.1% to end at 10,012.2, the Nasdaq advanced by 15.7 points or 0.7% to 2,141.1 and the S&P 500 edged up 3.1 points or 0.3% to 1,066.2.
Major European markets saw substantial losses on Friday. The U.K.'s FTSE 100 and the German DAX index ended lower by 1.5% and 1.8% respectively, while the French CAC 40 index declined by 3.4%.
Crude oil declined to its lowest level in nearly two months on Friday, with a stronger dollar and concerns about global economy causing the decline. Light sweet crude for March delivery settled at US$71.19 a barrel, down US$1.95 on the session.
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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.