Australian Market Trims Early Gains In Mid-market
(RTTNews) - The Australian stock market is trimming its early gains in mid-market trading on Tuesday, but extending the slight gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 index is moving up to near the 8,750 level, with gains in mining and technology stocks partially offset by weakness in energy and financial stocks.
The benchmark S&P/ASX 200 Index is gaining 12.40 points or 0.14 percent to 8,744.30, after touching a high of 8,780.80 earlier. The broader All Ordinaries Index is up 27.70 points or 0.20 percent to 8,936.80. Australian stocks closed slightly higher on Monday.
Among the major miners, Rio Tinto and BHP Group are edging up 0.3 to 0.4 percent each, while Mineral Resources is gaining almost 2 percent and Fortescue is adding almost 1 percent.
Oil stocks are mostly lower. Beach energy, Woodside Energy and Santos are losing more than 1 percent each, while Origin Energy is declining more than 3 percent.
Among tech stocks, Afterpay owner Block and Zip are gaining almost 2 percent each, while Xero and WiseTech Global are advancing more than 4 percent each. Appen is surging almost 7 percent.
Gold miners are mostly higher. Evolution Mining is gaining almost 1 percent and Newmont is edging up 0.4 percent, while Northern Star Resources and Genesis Minerals are adding more than 1 percent each. Resolute Mining is losing more than 1 percent.
Among the big four banks, ANZ Banking, National Australia Bank, Commonwealth Bank and Westpac are edging down 0.3 to 0.5 percent each.
In the currency market, the Aussie dollar is trading at $0.712 on Tuesday.
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Australian Markets Modestly Higher
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