FX.co ★ Australian Market Modestly Higher

Australian shares experienced a modest rise on Wednesday, continuing the upward trend from the previous two sessions. The benchmark S&P/ASX 200 Index remained above the 7,800 mark, in response to a mixture of influences from Wall Street. Iron ore miners and technology stocks observed growth due to a rise in metal prices.

The S&P/ASX 200 Index improved by 24.70 points or 0.32 percent to 7,848.90, even reaching a high of 7,869.30 at one point. The broader All Ordinaries Index rose by 27.50 points or 0.34 percent to 8,108.70. Tuesday saw Australian stocks close significantly higher.

Major mining companies like Mineral Resources and Rio Tinto saw a growth of more than one percent each, while Fortescue Metals rose by nearly two percent and BHP Group by nearly one percent.

The performance of oil stocks was varied. Santos and Woodside Energy saw a decline of 0.4 percent and more than 1 percent respectively, while Origin Energy and Beach Energy experienced slight growth. Tech companies saw an increase, with Afterpay owner Block gaining almost 1 percent, Appen soaring almost 10 percent and Zip ascending more than 2 percent. However, Xero and WiseTech Global saw a slight decline.

The big four banks saw minor fluctuations with the Commonwealth Bank faring slightly worse, while ANZ Banking held steady. Gold miners experienced a slight decline, while Newmont observed a growth of almost 1 percent. Resolute Mining remained steady.

The Australian dollar was trading at $0.663 on Wednesday.

Wall Street experienced considerable volatility on Tuesday, following a rather uninspiring performance on Monday. However, the Nasdaq and the S&P 500 eventually closed positively. On the other hand, the Dow ended the day slightly lower.

European markets didn't fare as well, with the German DAX Index falling by 1.3 percent, the French CAC 40 Index by 0.9 percent, and the UK's FTSE 100 Index by 0.1 percent.

Crude oil prices declined on Tuesday, marking the second consecutive day of losses as traders considered the possibility of significant progress in Gaza ceasefire talks. West Texas Intermediate Crude oil futures for May sank by $1.20 or 1.4 percent to $85.23 a barrel.