Australian Market Trims Early Losses In Mid-market

RTTNews | 137 days ago

(RTTNews) - The Australian stock market is trimming its early losses in mid-market trading on Monday, but extending the losses in the previous four sessions, following the mixed cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling well below the 8,800.00 level, with weakness in energy and technology stocks partially offset by some gains in mining stocks.

The benchmark S&P/ASX 200 Index is losing 20.20 points or 0.23 percent to 8,766.30, after hitting a low of 8,729.60 earlier. The broader All Ordinaries Index is down 14.40 points or 0.16 percent to 8,992.00. Australian stocks closed slightly lower on Friday.

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

Oil stocks are mostly lower. Santos, Origin Energy and Beach energy are slipping more than 2 percent each, while Woodside Energy is losing almost 2 percent.

Among tech stocks, Afterpay owner Block is gaining more than 1 percent and Appen is edging up 0.1 percent, while Zip is declining almost 3 percent, WiseTech Global is losing almost 4 percent and Xero is slipping more than 1 percent.

Gold miners are mostly higher. Northern Star Resources is edging up 0.3 percent, Evolution Mining is gaining more than 2 percent, Newmont is jumping almost 7 percent and Genesis Minerals is adding more than 1 percent, while Resolute Mining is tumbling more than 5 percent.

Among the big four banks, Commonwealth Bank is losing almost 1 percent and ANZ Banking is edging down 0.5 percent, while Westpac is edging up 0.1 percent. National Australia Bank is flat.

In other news, shares in Atlas Arteria Group are jumping more than 13 percent after shareholders received details of a formal off-market takeover offer from Diamond Infraco 1 Pty Ltd, a subsidiary of IFM Global Infrastructure Fund, at a premium price of $4.75 per security.

In the currency market, the Aussie dollar is trading at $0.715 on Monday.

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