Australian Market Halves Early Gains In Mid-market

(RTTNews) - The Australian stock market is halving its early gains in mid-market trading on Tuesday, reversing the losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,300 level, with gains in technology and financial stocks partially offset a mixed performance in mining and energy stocks.

The benchmark S&P/ASX 200 Index is gaining 33.50 points or 0.40 percent to 8,328.60, after touching a day's high of 8,364.50 earlier. The broader All Ordinaries Index is up 33.20 points or 0.39 percent to 8,558.00. Australian stocks closed notably lower on Monday.

Among the major miners, BHP Group and Fortescue Metals are edging down 0.3 to 0.4 percent each, while Rio Tinto is losing almost 1 percent. Mineral Resources is gaining more than 1 percent.

Oil stocks are mixed. Origin Energy is gaining almost 1 percent, while Beach energy and Woodside Energy are edging down 0.4 percent each. Santos is flat.

Among tech stocks, Afterpay owner Block is gaining more than 2 percent and Zip is adding almost 3 percent, while WiseTech Global and Appen are advancing almost 2 percent each. Xero is edging down 0.3 percent.

Gold miners are mixed. Evolution Mining is edging up 0.3 percent and Resolute Mining is advancing almost 3 percent, while Northern Star resources is losing almost 1 percent, Gold Road Resources is down almost 1 percent and Newmont is declining more than 2 percent.

Among the big four banks, Commonwealth Bank is adding almost 1 percent and Westpac is gaining more than 1 percent, while ANZ Banking and National Australia Bank are advancing more than 2 percent each.

In other news, shares in TechnologyOne are soaring more than 12 percent after lifting its interim dividend 30 percent and reporting strong revenue growth in the first half.

Share in Kogan.com are tumbling more than 8 percent after telling investors it did not expect online retailer Mighty Ape to return to profitable trading performance until 2026 following an issue with the website platform upgrade.

In economic news, the Reserve Bank of Australia will wrap up its monetary policy meeting on Tuesday and then announce its decision on interest rates. The RBA is widely expected to trim its benchmark lending rate to 3.85 percent from the current 4.10 percent.

In the currency market, the Aussie dollar is trading at $0.645 on Tuesday.