The Australian stock market has been experiencing a significant upswing, with the 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.
miners including Gold Road Resources, Northern Star Resources, Newcrest Mining (OTC:), and Resolute Mining have seen substantial growth, with Evolution Mining soaring over 6%. Key mining companies such as Rio Tinto (NYSE:), BHP Group (NYSE:), Fortescue Metals, and Mineral Resources are also making strides alongside oil stocks like Woodside (OTC:) 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 was seen trading at $0.637.
On the global stage, markets performed strongly last Friday. The surged by 1.6%, while the jumped by 1.2%. European markets also saw advancements with the German and French rising by 1.1% and 0.9% respectively.
In terms of commodities, West Texas Intermediate rose by $0.48 or 0.6%, trading at $82.79 a barrel last Friday.
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