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Australian Market Modestly Higher

The Australian stock market is modestly higher on Monday, extending the gains in the previous session, with the benchmark S&P/ASX 200 below the 7,200 level, following the lack of major cues from Wall Street on Friday, with gains in materials and energy stocks amid higher Iron ore and crude oil prices. The markets are also reacting positively to the results of the Federal elections on Saturday.

The benchmark S&P/ASX 200 Index is gaining 34.40 points or 0.48 percent to 7,180.00, after touching a high of 7,181.40 earlier. The broader All Ordinaries Index is up 42.20 points or 0.57 percent to 7,433.20. Australian stocks closed sharply higher on Friday.

Among the major miners, BHP Group is gaining more than 1 percent, Mineral Resources is adding almost 3 percent, Rio Tinto is edging up 0.5 percent and Fortescue Metals is advancing more than 3 percent. OZ Minerals is flat.

Oil stocks are higher, Origin Energy and Beach energy are adding more than 1 percent each, while Santos is edging up 0.5 percent and Woodside Petroleum is gaining almost 1 percent.

Among tech stocks, Xero is gaining almost 1 percent and Appen is adding almost 2 percent, while Afterpay owner Block is declining more than 4 percent and Zip is down more than 3 percent and WiseTech Global is edging down 0.5 percent

Gold miners are higher. Gold Road Resources, Evolution Mining and Newcrest Mining are edging down 0.2 to 0.4 percent each, while Northern Star Resources is adding almost 1 percent and Resolute Mining gaining almost 5 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are flat, while National Australia Bank and Westpac are edging down 0.3 to 0.5 percent each.

In the currency market, the Aussie dollar is trading at $0.709 on Monday.

On Wall Street, stocks experienced another extremely volatile session during trading on Friday, with the major averages once again showing wild swings as the day progressed. The major averages pulled back sharply after failing to sustain an early upward move but staged a significant recovery attempt going into the close.

After plunging more than 600 points at its worst levels, the Dow edged up 8.77 points or less than tenth of a percent to 31,261.90. The S&P 500 also ended the day roughly flat, inching up 0.57 points or less than a tenth of a percent to 3,901.36, while the Nasdaq dipped 33.88 points or 0.3 percent to 11,354.62.

The major European markets also moved to the upside on the day but closed well off their best levels. While the U.K.'s FTSE 100 Index shot up by 1.2 percent, the German DAX Index climbed by 0.7 percent and the French CAC 40 Index edged up by 0.2 percent.

Crude oil futures settled higher on Friday, lifted by the proposed ban on Russian oil by the EU and the relaxation of Covid lockdowns in China. West Texas Intermediate Crude oil futures for July added $0.39 or 0.4 percent at $110.28 a barrel.

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