Australian Market Extends Early Losses In Mid-market

(RTTNews) - The Australian stock market is extending its early losses in mid-market moves on Friday, giving up some of the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 9,000 mark, with weakness in technology and financial stocks partially offset by gains in mining and energy stocks.

The benchmark S&P/ASX 200 Index is losing 16.50 points or 0.18 percent to 9,002.60, after hitting a low of 8,986.80 earlier. The broader All Ordinaries Index is down 16.90 points or 0.18 percent to 9,267.30. Australian stocks closed significantly higher on Thursday.

Among major miners, BHP Group is gaining more than 1 percent, while Fortescue and Rio Tinto are edging up 0.2 to 0.5 percent each. Mineral Resources is edging down 0.3 percent.

Oil stocks are mostly higher. Beach energy is gaining more than 2 percent and Woodside Energy is adding almost 1 percent, while Origin Energy is edging down 0.4 percent. Santos is flat.

Among tech stocks, Appen is down 1.5 percent and WiseTech Global is losing almost 1 percent, while Afterpay-owner Block and Xero are edging down 0.1 to 0.4 percent each. Zip is skyrocketing more than 22 percent as it plans a dual-listing of its shares on the Nasdaq, to support growing investor interest in the U.S.

Among the big four banks, National Australia Bank and Commonwealth Bank are edging down 0.1 to 0.4 percent each, while ANZ Banking is losing almost 1 percent. Westpac is edging up 0.3 percent.

Gold miners are mostly higher. Evolution Mining is gaining almost 2 percent, Newmont is adding almost 1 percent and Resolute Mining is advancing more than 2 percent, while Northern Star Resources is losing almost 1 percent and Gold Road Resources is edging down 0.5 percent.

In other news, shares in Guzman y Gomez are tumbling more than 20 percent despite reporting record results for the year to June 30, with network sales surpassing $1 billion for the first time.

Shares in Accent Group are diving more than 15 percent after reporting downbeat results for the full year due to widespread promotions amid slower consumer spending on fashion sneakers. It also slashed its dividend 66.6 percent.

Shares in Inghams Group are plunging almost 21 percent after reporting downbeat results for the full year due to fewer leases.

Shares in Monash IVF are tanking almost 16 percent as it reported underlying net profit after tax for the full year that declined 8.1 percent on the prior year, but was in line with guidance.

Shares in PWR Holdings are sliding almost 14 percent after reporting downbeat results for the full year and trimming its dividend.

In the currency market, the Aussie dollar is trading at $0.642 on Friday.