Australian Market Slightly Higher

(RTTNews) - The Australian stock market is slightly higher on Tuesday after opening in the green and briefly slipping into the red, extending the gains in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 8,400 level, with gains in iron ore miners and financial stocks partially offset by weakness in gold miners, energy and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 7.90 points or 0.09 percent to 8,416.80, after touching a high of 8,418.80 and a low of 8,386.50 earlier. The broader All Ordinaries Index is up 1.30 points or 0.02 percent to 8,661.70. Australian stocks closed modestly higher on Friday ahead of the holiday on Monday.

Among the major miners, BHP Group is gaining almost 1 percent, while Rio Tinto, Mineral Resources and Fortescue Metals are edging up 0.1 to 0.5 percent each.

Oil stocks are mostly lower. Origin Energy is losing almost 1 percent, while Woodside Energy and Santos are edging down 0.3 to 0.5 percent each. Beach energy is edging up 0.2 percent.

Among tech stocks, Zip is losing almost 4 percent, WiseTech Global is slipping almost 2 percent and Appen is declining 4.5 percent, while Xero is gaining almost 2 percent. Afterpay owner Block is flat.

Gold miners are mostly lower. Gold Road Resources is losing more than 3 percent, Newmont is down more than 1 percent and Northern Star resources is declining almost 2 percent, while Evolution Mining is edging up 0.1 percent. Resolute Mining is flat.

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

In other news, shares in Nuix are plummeting almost 20 percent after the software provider said it would post a drop in underlying earnings in the half-year to December, hurt by project delays and acceptance of more complex contracts.

Shares in Telix Pharmaceuticals are surging more than 5 percent after completing its buyout of US-listed RLS Radiopharmacies for $230 million.

In the currency market, the Aussie dollar is trading at $0.627 on Tuesday.

On Wall Street, stocks closed mostly lower on Monday, with those in the technology sector recording more pronounced losses, due to sustained selling pressure right through the day's trading session.

Among the major averages, the Dow closed up 289.33 points or 0.65 percent, at 44,713.58. The S&P 500 ended down 88.96 points or 1.46 percent, at 6,012.28, while the Nasdaq settled with a loss of 612.47 points or 3.07 percent, at 19,341.83.

The major European markets were mixed on the day. Germany's DAX and France's CAC 40 closed down 0.53 percent and 0.27 percent, respectively. The U.K.'s FTSE 100 edged up 0.02 percent.

Crude oil prices fell sharply on Monday amid concerns about tariff threats and uncertainty about U.S. trade policy. Also, weak manufacturing data from China has raised concerns about the outlook for demand. West Texas Intermediate Crude oil futures for March closed down $1.49 or 2 percent at $73.17 a barrel.