Australian Market Trims Early Gains In Mid-market

(RTTNews) - The Australian stock market is trimming its early gains in mid-market trading on Monday, reversing the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving a tad above the 9,050.00 level, with gains in mining, financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 39.30 points or 0.44 percent to 9,058.30, after touching a high of 9,083.40 earlier. The broader All Ordinaries Index is up 38.40 points or 0.41 percent to 9,355.60. Australian stocks closed modestly lower on Friday.

Among the major miners, BHP Group is edging down 0.2 percent. Fortescue and Rio Tinto are edging up 0.2 to 0.3 percent each, while Mineral Resources are gaining more than 2 percent.

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

Among tech stocks, Afterpay owner Block is adding almost 2 percent, Zip is advancing almost 4 percent and Appen is gaining more than 3 percent, while WiseTech Global and Xero are up almost 1 percent each.

Gold miners are mixed. Evolution Mining is gaining 1.5 percent, while Northern Star Resources and Resolute Mining are gaining more than 2 percent each. Newmont is tumbling almost 3 percent and Genesis Minerals is losing 1.5 percent.

Among the big four banks, Commonwealth Bank and Westpac are gaining almost 1 percent each, while ANZ Banking is edging up 0.4 percent and National Australia Bank is adding more than almost 1 percent.

In other news, shares in Nuix are tumbling almost 15 percent after reporting that chief executive Jonathan Rubinsztein would step down at the end of the month.

In the currency market, the Aussie dollar is trading at $0.653 on Monday.