Australian Market Trims Early Losses In Mid-market

(RTTNews) - The Australian stock market is trimming its early losses in mid-market trading on Monday after briefly moving in to the green, extending the losses in the previous two sessions, following the broadly negative cues from European markets and lack of cues from Wall Street overnight. The benchmark S&P/ASX 200 index is falling well below the 8,850.00 level, with weakness in iron ore miners, energy and technology stocks partially offset by gains in gold miners and financial stocks.

The benchmark S&P/ASX 200 Index is losing 10.10 points or 0.11 percent to 8,818.60, after hitting a low of 8,793.80 and a high of 8,851.80 earlier. The broader All Ordinaries Index is down 11.90 points or 0.13 percent to 9,035.40. Australian stocks closed significantly lower on Friday.

Among the major miners, BHP Group and Fortescue are losing almost 1 percent each, while Rio Tinto is edging down 0.5 percent and Mineral Resources is declining more than 3 percent.

Oil stocks are mostly lower. Beach energy and Woodside Energy are declining more than 1 percent each, while Santos is edging down 0.5 percent. Origin Energy is flat.

Among tech stocks, Afterpay owner Block is gaining almost 1 percent, while Appen is losing more than 2 percent, Zip is down almost 1 percent, Xero is edging down 0.2 percent and WiseTech Global is tumbling more than 12 percent on news that the Australian Federal Police is probing its executive chairman Richard White over claims he exploited a women's immigration status and financial insecurity.

Gold miners are mostly higher. Newmont and Northern Star Resources are gaining more than 1 percent each, while Evolution Mining and Resolute Mining are advancing almost 3 percent each. Genesis Minerals is adding more than 2 percent.

Among the big four banks, Commonwealth Bank is gaining almost 1 percent, while ANZ Banking and National Australia Bank are edging up 0.2 to 0.5 percent each. Westpac is edging down 0.1 percent.

In the currency market, the Aussie dollar is trading at $0.701 on Monday.