Australian Market Recovers After Weak Start

(RTTNews) - The Australian stock market has climbed into positive territory on Monday after opening lower following the negative cues from Wall Street Friday amid worries about rising U.S.-China tensions and the surge in coronavirus cases.

The benchmark S&P/ASX 200 Index is advancing 19.20 points or 0.32 percent to 6,043.20, after touching a low of 6013.10. The broader All Ordinaries Index is adding 21.70 points or 0.35 percent to 6,169.70. Australian stocks closed notably lower on Friday.

Gold miners are higher after safe-haven gold prices rose to new record high on Friday. Evolution Mining is advancing more than 2 percent and Newcrest Mining is adding more than 1 percent.

Lynas Corp. said it has signed a contract with the US Department of Defense to begin initial work for a heavy rare earth separation facility in Texas. Shares of the rare earths producer are gaining more than 8 percent.

Among the major miners, Rio Tinto is lower by almost 1 percent and BHP Group is down 0.1 percent, while Fortescue Metals is edging up 0.1 percent.
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