Australian Market Slightly Higher

(RTTNews) - The Australian stock market is slightly higher on Monday after opening in the red, extending the gains in the previous two sessions, following the mixed cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is staying above the 8,900.00 level, with a mixed performance across most sectors.

The benchmark S&P/ASX 200 Index is gaining 5.10 points or 0.06 percent to 8,943.70, after hitting a low of 8,912.20 earlier. The broader All Ordinaries Index is up 5.50 points or 0.06 percent to 9,217.60. Australian stocks closed notably higher on Friday.

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

Oil stocks are mostly lower. Beach energy is down almost 1 percent and Santos is losing more than 1 percent, while Woodside Energy and Origin Energy are edging down 0.2 to 0.4 percent each. Among tech stocks, Afterpay owner Block is down almost 1 percent, WiseTech Global is edging down 0.2 percent and Zip is slipping almost 2 percent, while Appen is gaining almost 1 percent and Xero is edging up 0.1 percent.

Gold miners are mostly lower. Newmont and Gold Road Resources are edging down 0.1 to 0.2 percent each, while Evolution Mining is down almost 1 percent and Resolute Mining is losing more than 1 percent. Northern Star Resources is edging up 0.1 percent.

Among the big four banks, National Australia Bank is advancing more than 2 percent and Commonwealth Bank is edging up 0.5 percent, while ANZ Banking is losing almost 1 percent. Westpac is flat.

In the currency market, the Aussie dollar is trading at $0.652 on Monday.

On Wall Street, stocks moved mostly lower during trading on Friday following the lackluster performance seen in the previous session. The Nasdaq and the S&P 500 moved to the downside, although the narrower Dow managed to post a modest gain.

While the Dow inched up 34.86 points or 0.1 percent to 44,946.12, the S&P 500 fell 18.74 points or 0.3 percent to 6,449.80 and the Nasdaq slid 87.69 points or 0.4 percent to 21,622.98.

The major European markets also turned in a mixed performance on the day. While the French CAC 40 Index climbed by 0.7 percent, the German DAX Index edged down by 0.1 percent and the U.K.'s FTSE 100 Index fell by 0.4 percent.

Crude oil traded lower on Friday ahead of the meeting between the presidents of the U.S. and Russia, which ultimately accomplished nothing. West Texas Intermediate crude for September delivery was down $1.20 or 1.88 percent at $62.76 per barrel.