Australian Market Higher For Eighth Consecutive Session

Australian Market Higher For Eighth Consecutive Session

Australia’s benchmark S&P/ASX 200 is trading 0.3% higher in early trade Monday, although the market has been choppy as investors are uncertain what direction to take given the flat trend to markets last Friday.

Energy and banking shares are powering the way higher, and the broader All Ordinaries Index is also higher, having added 0.26% since the open.

Investors are mostly upbeat and are looking forward to more gains from the markets, although some analysts are pointing to a potential correction coming as profits are taken out of markets.

If the market holds onto gains until the close this will be the eighth consecutive session that the S&P/ASX 200 has closed higher.

Mining shares are slipping lower in today’s action, but the gold miners are performing strongly, despite gold posting a weekly loss for the first time in seven weeks and continuing lower in today’s Asian session.

In currencies the Australian dollar is firming against most currencies, but is flat versus the USD.

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