Australian Market Modestly Lower

(RTTNews) - The Australian stock market is trading modestly lower on Tuesday, reversing to the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 9,050 level, with weakness across most sectors led by gold miners and technology stocks. Financial stocks are the only bright spot.

The benchmark S&P/ASX 200 Index is losing 28.60 points or 0.32 percent to 9,027.00, after hitting a low of 9,022.60 earlier. The broader All Ordinaries Index is down 46.60 points or 0.50 percent to 9,305.30. Australian stocks closed modestly higher on Monday.

Among the major miners, BHP Group is edging down 0.4 percent and Mineral Resources is losing more than 4 percent, while Rio Tinto and Fortescue are edging up 0.2 to 0.3 percent each. Oil stocks are mostly lower. Santos and Beach energy are losing more than 1 percent each, while Woodside Energy is down almost 1 percent. Origin Energy is gaining almost 1 percent.

Among tech stocks, Afterpay owner Block is losing almost 1 percent, Xero is edging down 0.5 percent, Zip is down almost 2 percent and Appen is declining almost 3 percent, while WiseTech Global is tumbling more than 17 percent after the Australian Federal Police and the corporate regulator raided its offices in Sydney and requested documents related to alleged trading by its billionaire founder Richard White and three other employees.

Gold miners are mostly lower. Northern Star resources, Evolution Mining and Newmont are losing almost 4 percent each, while Resolute Mining is sliding almost 10 percent and Genesis Minerals is slipping more than 6 percent.

Among the big four banks, Commonwealth Bank and Westpac are gaining more than 2 percent each, while National Australia Bank is advancing almost 3 percent and ANZ Banking is adding almost 2 percent.

In other news, shares in Domino's are skyrocketed more than 17 percent ahead of a trading halt after reports that Bain Capital dealmakers were considering buying the company.

Shares in CSL are tumbling more than 16 percent after the blood plasma giant cut its revenue guidance as it faces a second strike and the deferral of its Seqirus vaccine business in the U.S.

Shares in AUB Group are gained more than 8 percent on news it received an unsolicited, confidential, and non-binding indicative takeover proposal from private equity firm EQT.

Shares in Liontown Resources are sliding almost 11 percent after a quarterly update revealed lower sales and revenue, despite a slight increase in production.

In the currency market, the Aussie dollar is trading at $0.656 on Tuesday.

On Wall Street, stocks continued to turn in a strong performance throughout the trading day on Monday after moving sharply higher early in the session. The major averages added to the strong gains posted last week, reaching new record closing highs.

The major averages saw further upside going into the end of the day, reaching new highs for the session. The Nasdaq surged 432.59 points or 1.9 percent to 23,637.46, the S&P 500 jumped 83.47 points or 1.2 percent to 6,875.16 and the Dow climbed 337.47 points or 0.7 percent to 47,544.59.

The major European markets also showed more modest moves to the upside on the day. While the German DAX Index rose by 0.3 percent, the French CAC 40 Index crept up by 0.2 percent and the U.K.'s FTSE 100 Index inched up by 0.1 percent.

Crude oil prices edged lower after showing a lack of direction over the course of the trading day on Monday. West Texas Intermediate crude for December delivery was down $0.08 or 0.1 percent at $61.42 a barrel.