Australian Market Modestly Lower

(RTTNews) - The Australian stock market is currently trading modestly lower on Monday, reversing the gains in the previous session, despite the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 8,100.00 level, with weakness is mining stocks amid tumbling metal prices. Traders also reacted to data that showed domestic manufacturing sector extended its slump in August.

The benchmark S&P/ASX 200 Index is losing 21.70 points or 0.27 percent to 8,070.20, after hitting a low of 8,041.30 earlier. The broader All Ordinaries Index is down 25.50 points or 0.31 percent to 8,291.20. Australian stocks closed notably higher on Friday.

Among the major miners, Rio Tinto is losing almost 1 percent and BHP Group is edging down 0.4 percent, while Mineral Resources is adding more than 1 percent and Fortescue Metals is edging up 0.3 percent. Oil stocks are mostly higher. Santos is edging up 0.2 percent and Woodside Energy is gaining almost 1 percent, while Origin Energy is edging down 0.3 percent. Beach energy is flat.

Among tech stocks, Xero and WiseTech Global are edging up 0.2 to 0.3 percent each, while Afterpay owner Block and Zip are losing almost 1 percent each. Appen is surging 5.5 percent.

Gold miners are mostly lower. Evolution Mining is losing more than 2 percent, Resolute Mining is declining almost 4 percent, Northern Star Resources is down almost 2 percent and Gold Road Resources is slipping more than 1 percent. Newmont is edging up 0.4 percent.

Among the big four banks, Commonwealth Bank, National Australia Bank, ANZ Banking and Westpac are edging up 0.2 to 0.4 percent each.

In other news, shares in Imugene are skyrocketing more than 27 percent after medical developer released promising results from a trial of its cancer treatment in 10 patients. it reported a net loss near $150 million in the 2024 financial year.

Shares in REA Group have been halted minutes before the commencement of trading this morning after the online real estate platform confirmed its mulling a bid for UK-listed Rightmove.

Shares in Star Entertainment have been suspended from trading for not publishing its full-year result last week.

In economic news, the manufacturing sector in Australia continued to contract in August, albeit at a slower rate, the latest survey from Jufo Bank revealed on Monday with a manufacturing PMI score of 48.5. That's up from 47.5 in July, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the Aussie dollar is trading at $0.677 on Monday.

On Wall Street, stocks fluctuated over the course of the trading session on Friday before eventually ending day sharply higher. The Dow closed higher for the fifth time in the past six sessions, reaching a new record closing high.

The major averages reached new highs for the session going into the close of trading. The Nasdaq surged 197.19 points or 1.1 percent to 17,713.62, the S&P 500 jumped 56.44 points or 1.0 percent to 5,648.40 and the Dow climbed 228.03 points or 0.6 percent to 41,563.08.

Meanwhile, the major European markets ended the day slightly lower. While the French CAC 40 Index edged down by 0.1 percent, the U.K.'s FTSE 100 Index and the German DAX Index both closed just below the unchanged line.

Crude oil prices showed a significant move to the downside on Friday on reports that OPEC is set to proceed with a planned oil output hike from October. West Texas Intermediate crude for October delivery plunged $2.36 or 3.1 percent to $73.55 a barrel.