Australian Market Trims Early Losses In Mid-market

(RTTNews) - The Australian stock market is trimming its early losses in choppy mid-market trading on Monday, after opening in the red and briefly treading in to the green, reversing some of 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 weakness in mining and energy stocks.

The benchmark S&P/ASX 200 Index is losing 3.80 points or 0.04 percent to 8,934.80, after hitting a low of 8,912.20 and a fresh all-time high 8,960.90 earlier. The broader All Ordinaries Index is down 1.10 points or 0.01 percent to 9,211.00. Australian stocks closed notably higher on Friday.

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

Oil stocks are mostly lower. Santos is losing more than 1 percent, while Woodside Energy, Beach energy and Origin Energy are edging down 0.2 to 0.3 percent each. Among tech stocks, Afterpay owner Block and Zip are down almost 1 percent each, while Xero is edging down 0.2 percent. WiseTech Global is edging up 0.1 percent and Appen is gaining more than 1 percent.

Gold miners are mostly lower. Gold Road Resources is edging down 0.2 percent and Resolute Mining is losing 2.5 percent, while Northern Star Resources and Evolution Mining are losing more than 1 percent each. Newmont is edging up 0.1 percent.

Among the big four banks, National Australia Bank is advancing almost 2 percent, Westpac is edging up 0.2 percent and Commonwealth Bank is gaining almost 1 percent, while ANZ Banking is losing 1.5 percent.

In other news, shares in DigiCo Infrastructure REIT are tumbling almost 10 percent after it reported full year underlying earnings before interest, taxes, depreciation, and amortisation that missed expectations.

Shares in oOh!media are also sliding almost 10 percent after the outdoor advertising company reported that earnings came in below market expectations. Its outlook was also lower than consensus.

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