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 two sessions, following the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling well below the 8,450.00 level, with weakness across most sectors led by technology and financial stocks. Energy stocks are the only bright spot on surging crude oil prices amid the expanding Middle-East conflict.

The benchmark S&P/ASX 200 Index is losing 88.20 points or 1.04 percent to 8,428.10, after hitting a low of 8,379.30 earlier. The broader All Ordinaries Index is down 91.20 points or 1.05 percent to 8,621.60. Australian stocks closed slightly lower on Friday.

Among the major miners, Mineral Resources is declining more than 2 percent, while BHP Group is edging up 0.4 percent, Rio Tinto is gaining almost 4 percent and Fortescue is adding more than 1 percent.

Oil stocks are mostly higher. Beach energy is advancing more than 3 percent and Origin Energy is adding almost 2 percent, while Woodside Energy and Santos are gaining more than 2 percent each.

Among tech stocks, Afterpay owner Block, Zip and WiseTech Global are tumbling more than 6 percent each, while Xero is declining almost 6 percent and Appen is slipping almost 7 percent.

Gold miners are mixed. Northern Star Resources is gaining more than 4 percent, Resolute Mining is adding almost 1 percent and Newmont is edging up 0.4 percent, while Evolution Mining is losing almost 1 percent and Genesis Minerals is declining almost 2 percent.

Among the big four banks, National Australia Bank and ANZ Banking are losing more than 2 percent each, while Westpac is tumbling almost 5 percent and Commonwealth Bank is declining more than 3 percent.

In the currency market, the Aussie dollar is trading at $0.686 on Monday.