Australian Market Extends Early Losses In Mid-market

(RTTNews) - The Australian stock market is extending its early losses in mid-market trading on Monday, adding to the losses in the previous four sessions, following the mixed cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling to near the 8,600.00 level, with weakness in financial stocks and mixed performance across most other sectors.

The benchmark S&P/ASX 200 Index is losing 24.7 points or 0.25 percent to 8,609.80, after hitting a low of 8,588.90 earlier. The broader All Ordinaries Index is down 19.20 points or 0.19 percent to 8,887.80. Australian stocks closed sharply lower on Friday.

Among the major miners, BHP Group is losing almost 1 percent and Mineral Resources is declining more than 1 percent, while Rio Tinto and Fortescue are gaining almost 1 percent each.

Oil stocks are mostly higher. Woodside Energy, Santos and Beach energy are gaining almost 1 percent each, while Origin Energy is edging down 0.1 percent.

Among tech stocks, Afterpay owner Block is losing almost 1 percent and Xero is declining more than 1 percent, while WiseTech Global is edging up 0.2 percent and Appen is surging almost 5 percent. Zip is flat.

Gold miners are mostly higher. Northern Star Resources is gaining almost 1 percent, Resolute Mining is gaining 2.5 percent and Genesis Minerals is advancing more than 2 percent and Evolution Mining is edging up 0.2 percent, while Newmont is losing almost 2 percent.

Among the big four banks, ANZ Banking, Westpac and National Australia Bank are edging down 0.1 to 0.5 percent each, while Commonwealth Bank is losing more than 1 percent.

In other news, shares in Iperionx are tumbling almost 12 percent amid short selling after a damning report by Spruce Point Management, which challenges the company's valuation and commercial prospects. IperionX hit back highlighting fresh U.S. defence contracts and its growth outlook.

Shares in TPG Telecom are in a trading halt as it is in the middle of a major capital management and liquidity reset after tumbling 30 percent last week on going ex-distribution for a massive $1.61 per share capital return.

In the currency market, the Aussie dollar is trading at $0.653 on Monday.