Australian Market Extends Early Losses In Mid-market

(RTTNews) - The Australian stock market is extending its early losses in mid-market trading on Monday, but reversing some of the gains in the previous session, following the mixed cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling to near the 8,700.00 level, with weakness in gold miner, financial and energy stocks partially offset by gains in technology stocks.

The benchmark S&P/ASX 200 Index is losing 39.90 points or 0.46 percent to 8,689.90, after hitting a low of 8,675.40 earlier. The broader All Ordinaries Index is down 36.00 points or 0.40 percent to 8,918.70. Australian stocks closed notably higher on Friday.

Among the major miners, Rio Tinto and Fortescue are edging down 0.1 percent each, while BHP Group is edging up 0.4 percent and Mineral Resources is gaining more than 1 percent.

Oil stocks are mostly lower. Beach energy is losing more than 1 percent, Woodside Energy is declining almost 3 percent , Santos is down almost 2 percent and Origin Energy is slipping almost 1 percent.

Among tech stocks, Afterpay owner Block is gaining almost 2 percent, Appen is jumping more than 7 percent, Xero is adding more than 2 percent and Zip is edging up 0.2 percent, while WiseTech Global is losing more than 1 percent.

Gold miners are mostly lower. Resolute Mining and Genesis Minerals are edging down 0.3 to 0.4 percent each, while Newmont is losing almost 2 percent. Evolution Mining is gaining almost 1 percent. Northern Star Resources is flat.

Among the big four banks, Commonwealth Bank and Westpac are edging down 0.1 to 0.4 percent each, while National Australia Bank is declining almost 2 percent. ANZ Banking is gaining almost 1 percent. In other news, shares in Accent Group are tumbling almost 13 percent after it downgraded its earnings guidance amid softer trading conditions. It is also assisting with an investigation by the corporate regulator following the downgrade.

Shares in a2 Milk are plunging more than 11 percent after it launched a voluntary recall of three batches of its US-labelled a2 Platinum infant formula on detecting cereulide, a toxin linked to foodborne illness, in products sold in America.

In economic news, Australia's Melbourne Institute Monthly Inflation Gauge rose 0.6 percent on month in April 2026, easing from a record 1.3 percent surge in the previous month but marking a second straight monthly increase, though moderated compared to last year. Meanwhile, annual inflation accelerated to 4.6 percent in March 2026 from 3.7 percent previously, the highest since September 2023 and still well above the central bank's 2 to 3 percent target band.

Meanwhile, private house approvals in Australia rose by 0.9 percent on month to 10,194 units in March 2026, easing from an upwardly revised 2 percent growth in February, preliminary estimates showed. This marked the fifth consecutive monthly gain, although it was the softest in the current sequence. On an annual basis, private house approvals climbed 12 percent, accelerating from a 9.3 percent increase in the previous month.

The seasonally adjusted number of total dwellings approved in Australia plunged 10.5 percent on month to 17,300 units in March 2026, sharply reversing an upwardly revised 31.1 percent jump in the previous month and coming in worse than market forecasts of a 9.9 percent decline, preliminary data showed. It marked the steepest decline in permits since last December. On an annual basis, dwelling approvals grew 9.0 percent, following an upwardly revised 16.1 percent gain in February.

In the currency market, the Aussie dollar is trading at $0.721 on Monday.