(RTTNews) – The Australian stock market is extending gains on Tuesday from the previous session amid optimism about a recovery in global economic growth as lockdown restrictions are eased in the country and other parts of the world such as Japan and Spain.

News that U.S. biotech firm Novavax has commenced the first human trial of its experimental coronavirus vaccine also boosted sentiment.

The benchmark S&P/ASX 200 Index is adding 45.80 points or 0.82 percent to 5,661.40, after touching a high of 5,668.70 earlier. The broader All Ordinaries Index is advancing 46.50 points or 0.81 percent to 5,776.40. Australian markets closed sharply higher on Monday.

In the oil sector, Woodside Petroleum is gaining almost 3 percent, while Oil Search and Santos are rising almost 2 percent each.

In the banking space, National Australia Bank, ANZ Banking and Westpac are higher in a range of 1.5 percent to 1.8 percent, while Commonwealth Bank is adding almost 1 percent.

The major miners are mostly lower. Fortescue Metals is declining more than 1 percent and Rio Tinto is edging down 0.1 percent, while BHP is adding 0.3 percent.

Gold miners are mixed. Evolution Mining is adding 0.7 percent, while Newcrest Mining is down 0.4 percent.

Coca Cola Amatil said its group sales volumes dropped about 33 percent in April from the year-ago period, reflecting the impact of the COVID-19 lockdown restrictions across its major markets. Volumes remained 26 percent lower in the first three weeks of May. The company’s shares are adding 0.3 percent.

In the currency market, the Australian dollar is higher against the U.S. dollar on Tuesday. The local unit was quoted at $0.6549, compared to Monday’s close of $0.6524.

Overnight, the U.S. markets were closed for the Memorial Day holiday.

The major European markets ended on a strong note on Monday. Germany’s DAX surged up 2.87 percent and France’s CAC 40 climbed up 2.15 percent, while the U.K. market was closed for the Spring bank holiday.