Australian Market Trims Early Losses In Mid-market

(RTTNews) - The Australian stock market is trimming its early losses in mid-market trading on Monday, 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 8,500.00 level, with weakness in iron ore miners, financial and technology stocks partially offset by gains in gold miners and energy stocks.

The benchmark S&P/ASX 200 Index is losing 53.50 points or 0.63 percent to 8,452.00, after hitting a low of 8,421.10 earlier. The broader All Ordinaries Index is down 58.60 points or 0.67 percent to 8,664.90. Australian stocks closed modestly lower on Friday.

Among the major miners, BHP Group and Fortescue Metals are slipping 1.5 percent each, while Rio Tinto and Mineral Resources are losing almost 1 percent each.

Oil stocks are mostly higher. Origin Energy and Santos are gaining almost 1 percent each, while Beach energy is advancing more than 3 percent. Woodside Energy is edging down 0.1 percent.

Among tech stocks, Afterpay owner Block is gaining almost 1 percent, while Appen is sliding more than 5 percent, WiseTech Global is losing more than 2 percent, Zip is tumbling 4.5 percent and Xero is slipping almost 1 percent.

Gold miners are mostly higher. Newmont is gaining almost 2 percent, Gold Road Resources is adding almost 1 percent and Resolute Mining is advancing more than 5 percent, while Evolution Mining and Northern Star Resources are losing more than 1 percent each.

Among the big four banks, National Australia Bank and Westpac are losing almost 1 percent each, while Commonwealth Bank is edging 0.3 percent and ANZ Banking is declining 1.5 percent.

In other news, shares in Adairs are tumbling almost 26 percent after the homewares and furniture retailer trimmed its profit outlook for the year, warning that stronger promotional activity had boosted sales but would dent margins.

In the currency market, the Aussie dollar is trading at $0.642 on Monday.