Australian Market Slips Back Slightly In To Red In Mid-market

(RTTNews) - The Australian stock market is slipping slightly back in to the red in mid-market trading on Tuesday after opening in the red and briefly moving in to green, giving up the slight gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,550 level, with weakness in financial and energy stocks partially offset by gains in technology and mining stocks.

The benchmark S&P/ASX 200 Index is losing 6.20 points or 0.07 percent to 8,542.20, after hitting a low of 8,533.80 and a high of 8,566.80 earlier. The broader All Ordinaries Index is down 1.20 points or 0.01 percent to 8,773.80. Australian stocks closed slightly higher on Monday.

Among the major miners, Fortescue Metals and Rio Tinto are edging up 0.1 to 0.2 percent each, while Mineral Resources is gaining more than 1 percent. BHP Group is edging down 0.4 percent.

Oil stocks are mostly lower. Origin Energy is down almost 1 percent, Santos is edging down 0.1 percent, while Woodside Energy and Beach energy are losing more than 1 percent each.

Among tech stocks, Afterpay owner Block is gaining almost 4 percent, Zip is advancing almost 5 percent and Appen is rising more than 1 percent, while Xero and WiseTech Global are adding more than 1 percent each.

Gold miners are mostly higher. Northern Star resources is adding almost 2 percent, Resolute Mining is surging almost 11 percent, Newmont is advancing almost 3 percent, Gold Road Resources is up almost 1 percent and Evolution Mining is gaining more than 1 percent.

However, St Barbara is tumbling almost 12 percent after it downgraded its full year gold production guidance and projects higher all-in sustaining cost for the year.

Uranium miners, Deep Yellow is soaring almost 10 percent, Boss Energy is surging almost 6 percent and Paladin Energy is advancing more than 5 percent following news that Canadian investment fund Sprott Physical Uranium Trust will acquire US$100 million in physical uranium. Lotus Resources is surging almost 9 percent also after a promising update on its Kayelekera uranium project in Malawi.

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are edging down 0.1 to 0.4 percent each, while Westpac is losing almost 1 percent.

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