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Australian Market Notably Higher

(RTTNews) - The Australian stock market is notably higher on Monday, with stocks rising across the board despite the lackluster cues from Wall Street Friday amid concerns over rising U.S.-China tensions. Optimism about more stimulus by global central banks to ease the impact of the coronavirus pandemic helped lift stocks.

The benchmark S&P/ASX 200 Index is adding 81.50 points or 1.48 percent to 5,578.50 after touching a high of 5,589.40 earlier. The broader All Ordinaries Index is up 82.90 points or 1.48 percent to 5,691.70. Australian markets closed lower on Friday.

In the oil sector, Oil Search is gaining more than 3 percent, Santos is rising almost 3 percent and Woodside Petroleum is higher by almost 2 percent, even as crude oil prices declined about 2 percent on Friday.

In the banking space, National Australia Bank is rising more than 2 percent, ANZ Banking is higher by 2 percent, Westpac is advancing more than 1 percent and Commonwealth Bank of Australia is adding almost 1 percent.

In the mining space, Rio Tinto is advancing more than 1 percent, BHP is adding almost 1 percent, and Fortescue Metals is rising 0.6 percent.
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