Australian Market Slashes Early Losses In Mid-market

(RTTNews) - The Australian stock market is slashing its early losses in mid-market trading on Monday, giving up some of the gains in the previous session, following the mixed cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 8,850.00 level, with weakness in mining stocks and a mixed performance across other sectors.

The benchmark S&P/ASX 200 Index is losing 17.90 points or 0.20 percent to 8,847.00, after hitting a low of 8,794.00 earlier. The broader All Ordinaries Index is down 13.90 points or 0.15 percent to 9,114.80. Australian stocks closed notably higher on Friday.

Among the major miners, Rio Tinto is edging up 0.1 percent and Mineral Resources is gaining almost 1 percent, while and BHP Group and Fortescue edging down 0.1 to 0.3 percent each.

Oil stocks are mostly higher. Woodside Energy is edging up 0.2 percent and Santos is gaining almost 1 percent, while Beach energy is edging down 0.4 percent. Origin Energy is flat.

Among tech stocks, Afterpay owner Block is declining more than 1 percent and Xero is edging down 0.1 percent, while Zip is gaining almost 1 percent and WiseTech Global is advancing 3.5 percent. Appen is flat.

Gold miners are lower. Northern Star Resources and Newmont are losing almost 2 percent each, while Resolute Mining is slipping more than 3 percent, Evolution Mining are declining more than 5 percent and Gold Road Resources is edging down 0.3 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are losing almost 1 percent each, while National Australia Bank and Westpac are edging up 0.2 to 0.3 percent each. In the currency market, the Aussie dollar is trading at $0.665 on Monday.