Australia Stocks Rise: Megaport, Nickel Mines, Gold Road Resources Top Performers

Summary

  • Australian stocks had an upward trajectory by the end of Tuesday, spearheaded by improvements in various sectors.
  • The market in Sydney closed with a 0.29% increase.
  • Megaport Ltd, Nickel Mines Ltd, and Gold Road Resources Ltd emerged as the top performers for the day.
  • On the flip side, Netwealth Group Ltd, Alumina Ltd, and Qbe Insurance Group Ltd incurred losses.
  • The greater part of the stocks in the Sydney Stock Exchange experienced a rise.
  • In the commodities market, gold futures and crude oil demonstrated an uptick.
  • In the currency market, AUD/USD remained steady, while AUD/JPY experienced a slight fall.

Following Tuesday’s close, stocks in Australia experienced an upswing, with gains in a variety of sectors leading to a boost in share prices.

The market in Sydney capped off the day with a 0.29% rise.

The trading session’s standout performers were Megaport Ltd , gaining a significant 27.71%, and Nickel Mines Ltd , that registered an appreciation of 22.50%. Additionally, Gold Road Resources Ltd saw a 9.32% surge in its shares.

Underperforming Stocks

On the other end of the spectrum, the session’s bottom performers included Netwealth Group Ltd and Alumina Ltd that registered losses of 5.02% and 3.43% respectively. Additionally, Qbe Insurance Group Ltd experienced a 2.41% drop in its share price.

The scoreboard in the Sydney Stock Exchange showed more winners than losers, with 653 stocks on the rise, 562 on the decline, and 359 stocks remaining unchanged.

In other news, shares of Megaport Ltd hit their 52-week high after seeing a 27.71% rise in its shares.

Volatility Index and Commodity Futures

The volatility index, an indicator of the S&P/ASX 200 options’ predicted volatility, rose by 2.24%, while Gold futures for April delivery recorded a 0.30% increase.

In the commodities market, Crude oil for delivery in March nudged up 0.49%, whereas the Brent oil contract for April delivery also showed an uptrend by increasing 0.44%.

Forex Market Updates

In forex trading, the AUD/USD pair was largely unchanged with a slight gain of 0.09%, while AUD/JPY dipped 0.05%.

The US dollar index futures showed a modest decline of 0.12%, closing at 103.29.

Impacts from these market movements can significantly affect trading strategies, particularly within the forex market, and assets like Gold and Crude Oil futures.

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